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Soybean Oil May '19 (ZLK19)

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Soybean Oil Futures Market News and Commentary

Soybeans Show Weakness on Friday but Manage to Close the Week Higher

Soybean futures saw weakness into Friday’s close, with the front months down 17 to 18 1/4 cents. Concerns of corn acres switching to beans pressured the market. July soybeans were up 1.54% this week, with meal 2.44% higher. July soy meal was down $7.60/ton, with soybean oil 50 points lower. Commitment of Traders data shows managed money spec funds adding 8,282 contracts to their record net short position of 168,835 contracts in the week ending May 14. USDA data from Thursday shows total export commitments at 94% of the 18/19 projected total, down from the 98% average. Export shipments are 69% of that projection, with the average at 87% and last year (which had a robust fourth quarter) at 79%. Jul 19 Soybeans closed at $8.21 3/4, down 18 cents, Aug 19 Soybeans closed at $8.28 1/4, down 18 1/4 cents, Sep 19 Soybeans closed at $8.34 3/4, down 17 3/4 cents, Jan 20 Soybeans closed at $8.59 1/2, down 17 3/4 cents, Jul 19 Soybean Meal closed at $294.30, down $7.60, Jul 19 Soybean Oil closed at $27.22, down $0.50 --provided by Brugler Marketing & Management

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
$539/490
First Notice Date
04/30/19
Expiration Date
05/14/19 (expired)

Seasonal Chart

Soybean Oil May '19
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of May 14, 2019

View Chart Details
Commercials - Long / Short
256,366 (+13,796)
217,348 (+15,155)
Non-Commercials - Long / Short
123,213 (+7,499)
167,449 (+8,160)
Producers - Long / Short
142,471 (+6,583)
200,685 (+12,187)
Swap Dealers - Long / Short
100,257 (+4,113)
3,025 (-132)
Managed Money - Long / Short
64,873 (+574)
145,158 (+9,913)
Other Reportables - Long / Short
58,340 (+6,925)
22,291 (-1,753)
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Price Performance

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Period Period Low Period High Performance
1-Month
26.03 +2.69%
on 05/13/19
29.01 -7.86%
on 04/15/19
-2.22 (-7.67%)
since 04/12/19
3-Month
26.03 +2.69%
on 05/13/19
31.16 -14.22%
on 02/25/19
-3.50 (-11.58%)
since 02/14/19
52-Week
26.03 +2.69%
on 05/13/19
33.66 -20.59%
on 05/24/18
-6.08 (-18.53%)
since 05/14/18

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Sell with a Weakening short term outlook on maintaining the current direction.

Longer term, the trend strength is Maximum. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 26.73
1st Resistance Point 26.73
Last Price 26.73s
1st Support Level 26.73
2nd Support Level 26.73

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52-Week High 33.66
Fibonacci 61.8% 30.75
Fibonacci 50% 29.85
Fibonacci 38.2% 28.94
Last Price 26.73s
52-Week Low 26.03

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