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Soybean Meal Pit Jul '11 (SMN11)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Slipped Lower on Wednesday, Continues Similar Attitude This Morning

Soybeans are trading 4 to 6 cents lower following the overnight trade. They faded the earlier morning strength, as contracts were mixed but well off the highs. Futures closed with contracts anywhere from down 1 ½ to up a penny. Soymeal posted some gains, with contracts 80 cents to $3.70/ton higher.  Soy Oil was back down, with 41 to 65 point losses on the session. 

Soybean export bookings for the week that ended on April 18 are seen in a range of 300,000-600,000 MT for old crop, with 0-300,000 MT expected for new crop. The trade also estimates meal sales in a range of 100,000 to 450,000 MT in sales, with soy oil bookings at a net reduction of 5,000 to sales of 20,000 MT. 

USDA did issue a corrected report to the flash sale announcement from Friday, indicating Mexico, not unknown, was the buyer of 121,500 MT of soybeans (13,500 MT for 23/24 and 108,000 MT for 24/25). 

May 24 Soybeans  closed at $11.66, down 1 1/2 cents, currently down 4 1/2 cents

Nearby Cash  ... Read more

Contract Specifications

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Contract
Soybean Meal [Pit]
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 per contract)
Trading Hours
8:30a.m. - 1:15p.m. CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$2,090/1,900
First Notice Date
06/30/11
Expiration Date
07/14/11 (expired)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
329.0 +8.05%
on 06/30/11
360.8 -1.47%
on 06/16/11
-3.2 (-0.89%)
since 06/14/11
3-Month
329.0 +8.05%
on 06/30/11
378.5 -6.08%
on 06/09/11
+7.4 (+2.13%)
since 04/14/11
52-Week
274.3 +29.60%
on 07/15/10
394.0 -9.77%
on 02/10/11
+75.9 (+27.15%)
since 07/14/10

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Soybeans Slipped Lower on Wednesday, Continues Similar Attitude This Morning

Soybeans are trading 4 to 6 cents lower following the overnight trade. They faded the earlier morning strength, as contracts were mixed but well off the highs. Futures closed with contracts anywhere from...

ZMN24 : 344.8 (-1.26%)
ZLN24 : 44.81 (-1.02%)
ZSK24 : 1154-2 (-1.01%)
ZSPAUS.CM : 11.0216 (-1.05%)
ZSN24 : 1170-4 (-0.93%)
ZSX24 : 1167-0 (-0.64%)
ZSPX24US.CM : 11.0664 (-0.67%)
Wheat Continuing Trend Higher to Start Thursday

The wheat complex is posting sightly higher after a round of overnight trade. Wheat continues to lead the grains bull charge this week. Kansas City futures were up 10 ¾ to 16 ¾ cents on the session....

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ZWN24 : 620-6 (+1.26%)
KEK24 : 633-2 (+1.44%)
KEN24 : 639-0 (+1.43%)
MWK24 : 686-4 (+1.10%)
Grain Spreads: Beans Hit 50% Retracement

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Will Wheat, Soybean, and Corn Prices Continue to Rally? Or is This Just Short Covering?

I discussed the recent action in the wheat, soybean, and corn markets on AgWeb's Market's Now with Michelle Rook today. We also talked about the cattle markets and gold.

ZWK24 : 603-4 (+1.51%)
ZSK24 : 1154-2 (-1.01%)
ZCK24 : 438-0 (+0.06%)
LEJ24 : 182.000 (-0.05%)
GCM24 : 2,341.1 (+0.12%)
Soybeans Falter to Weakness on Wednesday

Soybeans faded the earlier morning strength, as contracts were mixed but well off the highs. Futures closed with contracts anywhere from down 1 ½ to up a penny. Soymeal posted some strength on the day,...

ZMN24 : 344.8 (-1.26%)
ZLN24 : 44.81 (-1.02%)
ZSK24 : 1154-2 (-1.01%)
ZSPAUS.CM : 11.0216 (-1.05%)
ZSN24 : 1170-4 (-0.93%)
ZSX24 : 1167-0 (-0.64%)
ZSPX24US.CM : 11.0664 (-0.67%)
Wheat Extending Bull Run

The wheat complex is continuing to lead the grains bull charge this week. Kansas City futures were up 10 ¾ to 16 ¾ cents on the session. Chicago contracts were up 9 ½ to 12 cents at the close. Spring...

ZWK24 : 603-4 (+1.51%)
ZWN24 : 620-6 (+1.26%)
KEK24 : 633-2 (+1.44%)
KEN24 : 639-0 (+1.43%)
MWK24 : 686-4 (+1.10%)
Corn Closes Red Following Drop to Ethanol Production

Corn futures extended the front month losses into the close, as contracts through Dec were down 2 to 5 ¼ cents. For 2025 contracts and beyond, trade closed with contracts with in 1 ¾ cents on either...

ZCK24 : 438-0 (+0.06%)
ZCPAUS.CM : 4.2281 (+0.09%)
ZCN24 : 449-4 (+0.22%)
ZCZ24 : 474-0 (+0.26%)
ZCPZ24US.CM : 4.4284 (+0.28%)

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 356.2
1st Resistance Point 355.8
Last Price 355.5s
1st Support Level 355.3
2nd Support Level 355.2
3rd Support Level N/A

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52-Week High 394.0
Last Price 355.5s
Fibonacci 61.8% 348.3
Fibonacci 50% 334.1
Fibonacci 38.2% 320.0
52-Week Low 274.3

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