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Soybean Oil Mar '24 (ZLH24)

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Soybean Oil Futures Market News and Commentary

Soybeans Hovering Near Lows, Despite Record May NOPA Crush

Soybeans continue to leak lower at midday, as contracts are trading with losses of 17 to 20 cents on Monday to start the week off with weakness.  Soymeal futures are down $7.90/ton at midday to pile on the pressure.  Soy Oil futures are showing some strength, with a gain of 5 points in the July contract in response to some more positive NOPA data.

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 42.8% week/week increase in shipments to 334,237 MT (12.3 mbu) during the week ending on June 13. That was also 86% above the same week last year, as Inspections were running the second best for this week in the last 5 years. Shipments were f... 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
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

Soybean Oil 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
303,783 (-5,765)
259,617 (-17,248)
Non-Commercials - Long / Short
116,384 (+1,866)
165,335 (+14,232)
Producers - Long / Short
160,520 (+3,450)
244,747 (-7,263)
Swap Dealers - Long / Short
130,171 (+758)
1,778 (-12)
Managed Money - Long / Short
56,323 (-2,589)
130,783 (+16,003)
Other Reportables - Long / Short
60,061 (+4,455)
34,552 (-1,771)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
43.57 +10.03%
on 02/23/24
48.01 -0.15%
on 03/14/24
+1.59 (+3.43%)
since 02/14/24
3-Month
43.57 +10.03%
on 02/23/24
51.69 -7.25%
on 12/20/23
-1.77 (-3.56%)
since 12/14/23
52-Week
43.57 +10.03%
on 02/23/24
64.53 -25.71%
on 07/24/23
-6.82 (-12.45%)
since 03/14/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 48.06
2nd Resistance Point 48.03
1st Resistance Point 47.99
Last Price 47.94s
1st Support Level 47.92
2nd Support Level 47.89
3rd Support Level 47.85

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52-Week High 64.53
Fibonacci 61.8% 56.52
Fibonacci 50% 54.05
Fibonacci 38.2% 51.58
Last Price 47.94s
52-Week Low 43.57

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