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Soybean Meal Pit Mar '18 (SMH18)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Leading the Rally on Monday

Soybeans are posting 16 to 30 cent gains across the front months on Monday. Soymeal is continuing last week’s rally, up $10.40/ton at midday. Soy Oil is also heading higher to start the week, with gains of 80 points in the July contract. 

There were 0 deliveries vs. May meal overnight as the StoneX clients kept the previous receipts. Bean oil deliveries shrank to only 37 contracts.  There were 226 contracts issued against May soybeans, with ADM stopping another 220 for the house account and Dreyfus putting their back out. 

The weekly Export Inspections report from FGIS tallied soybean shipments at 348,654 MT during the week that ended on 5/2. That was a 26.28% improvement vs. the week prior and down 12.4% from the same week last year. Egypt was the top destination of 84,795 MT, with 68,034 MT headed to China. Inspections for the marketing year are now at 39.122 MMT (1.437 MMT), a decline of 18.2% from last year.

Traders are expecting to see 29% of the US soybean cr... 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
Expiration Date
03/14/18 (expired)
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Price Performance

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Period Period Low Period High Performance
1-Month
368.3 unch
on 03/14/18
394.2 -6.57%
on 02/28/18
-1.6 (-0.43%)
since 02/14/18
3-Month
313.1 +17.63%
on 01/11/18
394.2 -6.57%
on 02/28/18
+42.7 (+13.11%)
since 12/14/17
52-Week
299.9 +22.81%
on 06/22/17
394.2 -6.57%
on 02/28/18
+42.7 (+13.11%)
since 03/14/17

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Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 368.3
1st Resistance Point 368.3
Last Price 368.3s
1st Support Level 368.3
2nd Support Level 368.3
3rd Support Level N/A

See More

52-Week High 394.2
Last Price 368.3s
Fibonacci 61.8% 358.2
Fibonacci 50% 347.0
Fibonacci 38.2% 335.9
52-Week Low 299.9

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