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Soybean Meal Mar '24 (ZMH24)

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Soybean Meal Futures Market News and Commentary

Soybeans Closes Near the Lows

Soybeans leaked lower for much of the Monday session, as contracts were down 13 ¼ to 22 ¼ cents across the board.  Soymeal futures were down $5.90 to $8.50/ton to pile on the pressure.  Soy Oil futures found 1 to 5 point strength in the front months, helped by more positive NOPA data.

The weekly NASS Crop Progress report indicated 93% of the US soybean crop was planted, 2% ahead of average, with 82% emerged 3% faster than normal. They reported condition ratings down 2% to 70% gd/ex, as the Brugler500 index, taking in all 5 categories, were 3 points lower to 376.

Monday morning’s NOPA report tallied May crush at 183.63 mbu among its members. That was a record for the month, more than 5 mbu above the average trade guess, and an 8.37% increase from the April dip. Soybean oil stocks came in at 1.723 billion lbs, well below trade estimates and the 1.832 billion lbs from April, and a 7.91% decline from last year.

Weekly Export Inspections data indicated a 42.8% week/week... 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
$2,310/2,100
First Notice Date
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Jun 11, 2024

View Chart Details
Commercials - Long / Short
188,358 (+2,014)
300,505 (-3,167)
Non-Commercials - Long / Short
142,409 (-9,510)
49,875 (-4,636)
Producers - Long / Short
86,358 (+4,148)
287,627 (+513)
Swap Dealers - Long / Short
96,064 (+1,760)
6,942 (+214)
Managed Money - Long / Short
121,370 (-10,081)
26,839 (-1,172)
Other Reportables - Long / Short
21,039 (+571)
23,036 (-3,464)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
326.7 +1.99%
on 02/27/24
352.4 -5.45%
on 02/20/24
-10.1 (-2.94%)
since 02/14/24
3-Month
326.7 +1.99%
on 02/27/24
401.8 -17.07%
on 12/18/23
-62.6 (-15.82%)
since 12/14/23
52-Week
326.7 +1.99%
on 02/27/24
445.1 -25.14%
on 11/13/23
-76.8 (-18.73%)
since 03/14/23

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Most Recent Stories

More News
Soybeans Closes Near the Lows

Soybeans leaked lower for much of the Monday session, as contracts were down 13 ¼ to 22 ¼ cents across the board. Soymeal futures were down $5.90 to $8.50/ton to pile on the pressure. Soy Oil futures...

ZMZ24 : 346.9 (+0.58%)
ZLN24 : 43.78 (+0.11%)
ZSN24 : 1163-0 (+0.45%)
ZSPAUS.CM : 11.0259 (-1.91%)
ZSQ24 : 1152-0 (+0.52%)
ZSX24 : 1135-6 (+0.49%)
ZSPX24US.CM : 10.6845 (-1.77%)
Corn Falls into Monday’s Close, USDA Shows Drop in Ratings

Corn futures picked up where they left off on Friday, as contracts were down 4 ¼ to7 ½ cents across the board on Monday. Pressure was from the double-digit losses in wheat and beans. Weather forecast...

ZCN24 : 445-2 (+0.34%)
ZCPAUS.CM : 4.2747 (-1.40%)
ZCU24 : 451-4 (+0.33%)
ZCZ24 : 464-6 (+0.38%)
ZCPZ24US.CM : 4.3341 (-1.65%)
Wheat Collapses to Start the Week

The wheat complex continued its steep descent on Monday, with double digit losses across all three exchanges. Kansas City contracts were leading the bear charge, with contracts down 13 to 22 cents. Chicago...

ZWN24 : 591-0 (-0.08%)
ZWU24 : 608-2 (+0.04%)
KEN24 : 605-6 (+0.04%)
KEU24 : 616-0 (+0.08%)
MWN24 : 639-0 (+0.08%)
Hogs Break out of Trading Range

Hogs start week on a positive note

Grain Spreads: Corn Pressure

Corn Closes Near Key Support

Pure Hedge - Livestock and Grain

Beans Traded to Expected Levels - Cattle Weak - Time to get Long Corn?

Crop Progress

Crop Progress - 2024-06-17

ZSX24 : 1135-6 (+0.49%)
ZSPAUS.CM : 11.0259 (-1.91%)
ZSBAUS.CM : -0.5516 (+0.99%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 3,931s (-1.11%)
XTU24 : 4,527s (-0.59%)
ZCN24 : 445-2 (+0.34%)
ZCPAUS.CM : 4.2747 (-1.40%)
ZCBAUS.CM : -0.1628 (+1.15%)
XVU24 : 2,474s (-0.52%)
XEU24 : 60.70 (+0.21%)
Shootin' the Bull about an up tic in commodity inflation

Commodity inflation has picked up a little the past two weeks.  Starting off this week, the seemingly large break lower in energy prices has ricocheted right back to within less than a dollar of the end...

Is Chipotle Stock Outperforming the Nasdaq?

Although Chipotle has outperformed the Nasdaq Composite over the past year, analysts remain cautiously optimistic about the stock’s potential.

CMG : 3,365.46 (+2.87%)
$NASX : 17,857.02 (+0.95%)
YUM : 136.92 (+0.10%)
Is The Grain Market Assuming Too Much Too Soon?

Seasonals say no, cash may be saying yes. What I'm watching in cash grain this week.

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 333.2
2nd Resistance Point 333.2
1st Resistance Point 333.2
Last Price 333.2s
1st Support Level 333.2
2nd Support Level 333.2
3rd Support Level 333.2

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52-Week High 445.1
Fibonacci 61.8% 399.9
Fibonacci 50% 385.9
Fibonacci 38.2% 371.9
Last Price 333.2s
52-Week Low 326.7

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