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Soybean Meal Pit Sep '20 (SMU20)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Drop on Turnaround Tuesday Weakness

Soybeans closed out the Turnround Tuesday session with contracts steady to 11 ¾ cents in the red, as some bear spreading was apparent with the nearbys down the most. Soymeal futures  were down 20 cents to $2.30/ton in the front months and 10 to 60 cents higher in the deferreds. Soy Oil was down 23 to 51 points on the day.

NASS data showed the ECB states above normal planting pace, with IL (2%), IN (+3%), and OH (+6%) all ahead of average pace and seeing relatively dry conditions for the next couple days. The WCB was lagging behind, with IA (-6%), NE (-6%), SD (-3%), and MN (-1%) all shy of the average pace. Rains overnight across most of those states likely put planting on hold for a few more days. 

Chinese customs data shows more than 8 MMT of soybeans imported in April, the majority from Brazil. There were reports that China purchased a few cargos out of the PNW for July shipment.

Jul 24 Soybeans  closed at $12.36 1/4, down 11 3/4 cents,

Nearby Cash  was $1... 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
09/14/20 (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
289.1 +9.37%
on 08/24/20
318.4 -0.69%
on 09/11/20
+24.4 (+8.36%)
since 08/14/20
3-Month
282.0 +12.13%
on 08/07/20
318.4 -0.69%
on 09/11/20
+22.9 (+7.81%)
since 06/12/20
52-Week
282.0 +12.13%
on 08/07/20
325.4 -2.83%
on 10/09/19
-2.5 (-0.78%)
since 09/13/19

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Soybeans Drop on Turnaround Tuesday Weakness

Soybeans closed out the Turnround Tuesday session with contracts steady to 11 ¾ cents in the red, as some bear spreading was apparent with the nearbys down the most. Soymeal futures were down 20 cents...

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ZLN24 : 46.09 (+0.61%)
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ZSPAUS.CM : 11.7537 (-0.93%)
ZSQ24 : 1238-2 (+0.34%)
ZSX24 : 1217-2 (+0.35%)
ZSPX24US.CM : 11.5150 (-0.31%)
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SOYB : 25.72 (-0.19%)
WEAT : 6.43 (+0.78%)
ZSN24 : 1240-0 (+0.30%)
ZCN24 : 462-2 (+0.93%)
ZWN24 : 715-0 (+2.51%)
Wheat Holding Higher on Tuesday

The wheat complex is mixed, with the winter wheat holding up on Tuesday. Chicago contracts are up 1 to 4 ½ cents on the day. Kansas City futures are fractionally to 2 cents higher. MPLS spring wheat futures...

ZWN24 : 715-0 (+2.51%)
ZWU24 : 733-4 (+2.23%)
KEN24 : 718-2 (+2.39%)
KEU24 : 731-4 (+2.13%)
MWN24 : 750-2 (+1.56%)
Soybeans Falling on Turnaround Tuesday

Soybeans are trading with losses of 6 to 15 cents, as the nearbys are the weakest on some bear spreading. Soymeal futures are showing losses of $3.90 to $4.10/ton. Soy Oil is posting losses of 47 to 52...

ZMN24 : 373.1 (+0.21%)
ZLN24 : 46.09 (+0.61%)
ZSN24 : 1240-0 (+0.30%)
ZSPAUS.CM : 11.7537 (-0.93%)
ZSQ24 : 1238-2 (+0.34%)
ZSX24 : 1217-2 (+0.35%)
ZSPX24US.CM : 11.5150 (-0.31%)
Corn Back Lower on Tuesday

Corn futures are trading with 3 to 5 cent losses so far on the Tuesday session, with USDA confirming planning pace picking back up. Rains over the next couple days are limited to the WCB, with the ECB...

ZCN24 : 462-2 (+0.93%)
ZCPAUS.CM : 4.3446 (-0.52%)
ZCU24 : 472-2 (+0.80%)
ZCZ24 : 486-0 (+0.78%)
ZCPZ24US.CM : 4.5235 (-0.45%)
My Annual Public Service Announcement regarding NASS' Weekly Reports

I know there are new readers to this site every year. Given that, I feel compelled to post my annual Public Service Announcement regarding NASS' weekly numbers.

ICY00 : 435.51s (-0.41%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 316.2
1st Resistance Point 316.2
Last Price 316.2s
1st Support Level 316.2
2nd Support Level 316.2
3rd Support Level N/A

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52-Week High 325.4
Last Price 316.2s
Fibonacci 61.8% 308.8
Fibonacci 50% 303.7
Fibonacci 38.2% 298.6
52-Week Low 282.0

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