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Soybean Meal May '24 (ZMK24)

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Soybean Meal Futures Market News and Commentary

Soybeans Threating to Pull Back Below $12

Soybeans are struggling on Thursday, as contracts are down 10 to 17 cents at midday, and November threating the slip below $12. Soymeal futures are down $3.90 to $4.10/ton. Soy Oil is also falling at midday, with triple digit losses of 121 points on Thursday.  

The dam has broken on May meal deliveries, with another 226 put out overnight, all by a StoneX customer.  BO deliveries also expanded as Bunge changed its mind and put out 728 contracts stopped earlier in the month.  There were only 5 contracts put out vs. May soybeans, which are up to current date.   

Weekly Export Sales data saw old crop bookings at 428,898 MY during the week that ended on May 2, a 4-week high. Unknown destinations was the buyer of 168,800 MT, with Egypt purchasing 70,800 MT. New crop sales were just 4,580 MT. Soy meal bookings were tallied at 209,266 MT for 23/24 and 19,209 MT for 24/25. Bean oil sales were seen at 11,581 MT, for the current MY, with 4,582 MT for next year.

Ahead of USDA’... Read more

Contract Specifications

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Contract
Soybean Meal
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$2,090/1,900
First Notice Date
04/30/24
Expiration Date
05/14/24 (5 days)

Seasonal Chart

Soybean Meal May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Apr 30, 2024

View Chart Details
Commercials - Long / Short
191,673 (-19,883)
240,781 (-2,335)
Non-Commercials - Long / Short
130,740 (+10,298)
98,621 (-7,378)
Producers - Long / Short
99,615 (-11,043)
234,949 (+821)
Swap Dealers - Long / Short
88,555 (-7,886)
2,329 (-2,202)
Managed Money - Long / Short
112,261 (+12,410)
65,576 (-12,866)
Other Reportables - Long / Short
18,479 (-2,112)
33,045 (+5,488)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
330.2 +11.69%
on 04/11/24
381.9 -3.43%
on 05/07/24
+33.2 (+9.89%)
since 04/09/24
3-Month
323.2 +14.11%
on 02/29/24
381.9 -3.43%
on 05/07/24
+28.3 (+8.31%)
since 02/09/24
52-Week
323.2 +14.11%
on 02/29/24
435.9 -15.39%
on 11/08/23
-12.4 (-3.25%)
since 05/09/23

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ZWK24 : 624-0 (+1.30%)
ZWN24 : 637-4s (+0.55%)
KEK24 : 675-0 (+2.54%)
KEN24 : 651-6s (+0.50%)
MWK24 : 708-2s (unch)
Soybeans Threating to Pull Back Below $12

Soybeans are struggling on Thursday, as contracts are down 10 to 17 cents at midday, and November threating the slip below $12. Soymeal futures are down $3.90 to $4.10/ton. Soy Oil is also falling at midday,...

ZMN24 : 372.9s (-1.48%)
ZLN24 : 42.64s (-2.63%)
ZSK24 : 1192-6s (-1.65%)
ZSPAUS.CM : 11.4652 (-1.67%)
ZSN24 : 1208-4s (-1.57%)
ZSX24 : 1200-4s (-1.03%)
ZSPX24US.CM : 11.3903 (-1.09%)
Corn Continues Weakness at Midday

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ZCK24 : 442-6s (-0.62%)
ZCPAUS.CM : 4.3352 (-0.46%)
ZCN24 : 456-4s (-0.44%)
ZCZ24 : 480-0s (-0.26%)
ZCPZ24US.CM : 4.5068 (-0.23%)
Wheat Back to Heading Higher on Russia Frost Fears

The wheat complex is posting double digit gains across most contracts this morning. Wheat saw selling across all three markets on Wednesday. Chicago wheat contracts were down 8 ¼ to 9 ½ cents on the...

ZWK24 : 624-0 (+1.30%)
ZWN24 : 637-4s (+0.55%)
KEK24 : 675-0 (+2.54%)
KEN24 : 651-6s (+0.50%)
MWK24 : 708-2s (unch)
Soybeans Down To Start Thursday

Soybeans are posting lower trade on Thursday morning with contracts down 3 to 5 cents. Bulls took a breather on Wednesday, as contracts were down 9 ¼ to 19 ½ cents across the board. Soymeal also pulled...

ZMN24 : 372.9s (-1.48%)
ZLN24 : 42.64s (-2.63%)
ZSK24 : 1192-6s (-1.65%)
ZSPAUS.CM : 11.4652 (-1.67%)
ZSN24 : 1208-4s (-1.57%)
ZSX24 : 1200-4s (-1.03%)
ZSPX24US.CM : 11.3903 (-1.09%)
Corn Slipping Lower Ahead of Export Sales Data

Corn is trading fractionally to a penny lower ahead of this morning’s Export Sales report. Futures pulled back on Wednesday after a couple weeks of rallying and with a USDA report on the horizon tomorrow....

ZCK24 : 442-6s (-0.62%)
ZCPAUS.CM : 4.3352 (-0.46%)
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ZCPZ24US.CM : 4.5068 (-0.23%)
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ZSN24 : 1208-4s (-1.57%)
ZMN24 : 372.9s (-1.48%)
ZCN24 : 456-4s (-0.44%)
ZLN24 : 42.64s (-2.63%)
ZWN24 : 637-4s (+0.55%)
ZON24 : 401-6s (+1.07%)
Soybeans Pull Back on Wednesday

Soybean bulls took a breath on Wednesday, as contracts were down 9 ¼ to 19 ½ cents across the board at the close. Soymeal also pulled back with contracts down $1.80 to $5.50/ton on the day. Soy Oil posted...

ZMN24 : 372.9s (-1.48%)
ZLN24 : 42.64s (-2.63%)
ZSK24 : 1192-6s (-1.65%)
ZSPAUS.CM : 11.4652 (-1.67%)
ZSN24 : 1208-4s (-1.57%)
ZSX24 : 1200-4s (-1.03%)
ZSPX24US.CM : 11.3903 (-1.09%)
Corn Correct Lower Ahead of Friday’s Reports

Futures are pulled back on Wednesday after a couple weeks of rallying and a USDA report on the horizon. Corn prices ended the midweek session with losses of 3 ½ to 8 ½ cents across most months. Weekly...

ZCK24 : 442-6s (-0.62%)
ZCPAUS.CM : 4.3352 (-0.46%)
ZCN24 : 456-4s (-0.44%)
ZCZ24 : 480-0s (-0.26%)
ZCPZ24US.CM : 4.5068 (-0.23%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 378.3
2nd Resistance Point 377.6
1st Resistance Point 376.2
Last Price 368.8
1st Support Level 374.1
2nd Support Level 373.4
3rd Support Level 372.0

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52-Week High 435.9
Fibonacci 61.8% 392.8
Fibonacci 50% 379.5
Last Price 368.8
Fibonacci 38.2% 366.3
52-Week Low 323.2

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