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Soybean Meal Jul '24 (ZMN24)

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Soybean Meal 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 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
06/28/24 (18 days)
Expiration Date
07/12/24 (32 days)

Seasonal Chart

Soybean Meal 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
186,344 (+16,034)
303,672 (-6,441)
Non-Commercials - Long / Short
151,919 (-15,377)
54,511 (+1,736)
Producers - Long / Short
82,210 (+6,787)
287,114 (-10,115)
Swap Dealers - Long / Short
94,304 (+5,350)
6,728 (-223)
Managed Money - Long / Short
131,451 (-15,415)
28,011 (+1,680)
Other Reportables - Long / Short
20,468 (+38)
26,500 (+56)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
354.7 +4.31%
on 06/07/24
391.3 -5.44%
on 05/28/24
-1.9 (-0.51%)
since 05/10/24
3-Month
328.9 +12.50%
on 04/03/24
391.3 -5.44%
on 05/28/24
+29.3 (+8.60%)
since 03/11/24
52-Week
326.7 +13.25%
on 02/29/24
434.2 -14.79%
on 11/08/23
+15.8 (+4.46%)
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 : 370.0 (+0.54%)
ZLN24 : 43.61 (-0.11%)
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Corn and Soybeans Firm While Wheat Retreats. Crop Condition Ratings Were Just Released.

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

ZSN24 : 1191-2 (+0.25%)
ZSPAUS.CM : 11.3075 (+0.81%)
ZSBAUS.CM : -0.5750 (+0.17%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 4,055s (+1.25%)
XTN24 : 4,651s (+0.30%)
ZCN24 : 453-0 (+0.28%)
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 Average Signal Strength.

Key Turning Points

3rd Resistance Point 380.5
2nd Resistance Point 374.9
1st Resistance Point 371.4
Last Price 369.9
1st Support Level 362.3
2nd Support Level 356.7
3rd Support Level 353.2

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52-Week High 434.2
Fibonacci 61.8% 393.1
Fibonacci 50% 380.4
Last Price 369.9
Fibonacci 38.2% 367.8
52-Week Low 326.7

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