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Soybean Oil Jul '24 (ZLN24)

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Soybean Oil Futures Market News and Commentary

Soybean Futures Close Higher on Firm Meal, Recovery in BO

Soybeans settled ½ to 9 cents higher on the first market day of the week.  July worked higher throughout the day, while new crop November saw some profit taking in the last 50 minutes of the trading session.  Soymeal futures were up $3.30 to $7.. Soy Oil futures were down 38 to 40 points late morning but came back to close 2 to 3 ticks on the plus side. 

USDA NASS reported this afternoon that 87% of the US soybean crop was planted as of Sunday.   Traders on average expected USDA to show 89% of the US crop planted.  The initial soybean crop condition assessment showed 72% in good or excellent condition. The Brugler500 Index was 379, matching conditions in 2020 for this week and also similar to 2018 and 2016. 

USDA Export inspections for the week ending June 6 totaled 231,002 MT for soybeans, down from 361,217 last week but running stronger than the 147,645 MT a year ago. 

Trade estimates for Wednesday’s USDA reports average 346-350 million bushels for old crop US so... Read more

Contract Specifications

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Contract
Soybean Oil
Contract Size
60,000 pounds
Tick Size
0.01 points ($6.00 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
$600
Margin/Maintenance
$1,980/1,800
First Notice Date
06/28/24 (18 days)
Expiration Date
07/12/24 (32 days)

Seasonal Chart

Soybean Oil Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Jun 4, 2024

View Chart Details
Commercials - Long / Short
309,548 (+8,808)
276,865 (-2,611)
Non-Commercials - Long / Short
114,518 (+1,928)
151,103 (+10,249)
Producers - Long / Short
157,070 (+5,304)
252,010 (-7,606)
Swap Dealers - Long / Short
129,413 (-2,058)
1,790 (-567)
Managed Money - Long / Short
58,912 (-4,816)
114,780 (+11,152)
Other Reportables - Long / Short
55,606 (+6,744)
36,323 (-903)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
43.03 +1.46%
on 06/05/24
46.72 -6.55%
on 05/22/24
-0.78 (-1.76%)
since 05/10/24
3-Month
42.53 +2.66%
on 05/09/24
50.29 -13.18%
on 03/18/24
-2.99 (-6.41%)
since 03/08/24
52-Week
42.53 +2.66%
on 05/09/24
63.54 -31.29%
on 07/24/23
-7.31 (-14.34%)
since 06/09/23

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Soybean Futures Close Higher on Firm Meal, Recovery in BO

Soybeans settled ½ to 9 cents higher on the first market day of the week. July worked higher throughout the day, while new crop November saw some profit taking in the last 50 minutes of the trading session....

ZMN24 : 368.0s (+2.02%)
ZLN24 : 43.66s (+0.07%)
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Corn and soybeans were firm to start the week but wheat futures continued to slide lower marking the ninth consecutive day of losses, the longest streak since 2015.

Crop Progress

Crop Progress - 2024-06-10

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ZSPAUS.CM : 11.3075 (+0.81%)
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ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 4,055s (+1.25%)
XTN24 : 4,651s (+0.30%)
ZCN24 : 451-6s (+0.67%)
ZCPAUS.CM : 4.3433 (+0.75%)
ZCBAUS.CM : -0.1741 (+1.42%)
XVU24 : 2,483s (+0.85%)
XEU24 : 62.38 (-0.11%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 44.81
2nd Resistance Point 44.36
1st Resistance Point 44.01
Last Price 43.66s
1st Support Level 43.21
2nd Support Level 42.76
3rd Support Level 42.41

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52-Week High 63.54
Fibonacci 61.8% 55.51
Fibonacci 50% 53.03
Fibonacci 38.2% 50.56
Last Price 43.66s
52-Week Low 42.53

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