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Soybean Meal Jan '23 (ZMF23)

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Soybean Meal Futures Market News and Commentary

Soybeans Shrug Off Oil Losses for Gains on Wednesday

Soybeans closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. The cmdtyView national average Cash Bean price was up 4 cents at $10.93 1/4. Soymeal futures were up $2.30 to $5.20 on the day, with Soy Oil futures down 150 to 230 points on the day.

Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Early this morning President Trump posted that ‘a country supply military weapons to Iran will be immediately tariffed” by a rate of 50%.  

USDA will release their monthly WASDE report on Thursday morning. A survey of analysts by Bloomberg shows very few changes expected to the US balance sheet with an average estimate at 349 mbu for soybean’s carryout, vs. 350 mbu in March. Analysts look for world stocks to be up 0.2 MMT to 125.5 MMT.

Export Sales data will be out on Thursday, as traders are looking for 200,000-600,000 MT of old cr... 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
$1,705/1,550
First Notice Date
12/30/22
Expiration Date
01/13/23 (expired)

Seasonal Chart

Soybean Meal Jan '23
Average Price Chart for 5 Prior Jan Contracts

Commitment of Traders Positions as of Mar 31, 2026

View Chart Details
Commercials - Long / Short
259,734 (+11,492)
400,950 (+1,951)
Non-Commercials - Long / Short
175,060 (-2,053)
54,866 (+4,824)
Producers - Long / Short
133,122 (+9,774)
376,157 (+936)
Swap Dealers - Long / Short
119,321 (+1,473)
17,502 (+770)
Managed Money - Long / Short
132,828 (-3,311)
33,946 (+4,064)
Other Reportables - Long / Short
42,232 (+1,258)
20,920 (+760)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
446.0 +15.02%
on 12/19/22
516.6 -0.70%
on 01/13/23
+60.7 (+13.42%)
since 12/13/22
3-Month
395.0 +29.87%
on 10/19/22
516.6 -0.70%
on 01/13/23
+106.1 (+26.08%)
since 10/13/22
52-Week
364.1 +40.90%
on 01/25/22
516.6 -0.70%
on 01/13/23
+132.6 (+34.86%)
since 01/13/22

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Most Recent Stories

More News
Wheat Collapses on Wednesday with Crude Oil Pressure

The wheat complex was under pressure on Wednesday as money was coming out with pressure from crude oil. Chicago SRW futures was down 13 to 17 ¾ cents in the nearbys on the day. KC HRW futures posted 7...

KEN26 : 619-4 (+1.23%)
KEK26 : 603-2 (+1.34%)
MWK26 : 6.2900 (+0.80%)
ZWK26 : 587-2 (+1.21%)
ZWN26 : 597-2 (+1.01%)
Corn Recover Off Lows, Still Close in the Red on Wednesday

Corn futures saw some buying off the early overnight lows, but still managed to close with losses of 1 ¾ to 3 ½ cents. The CmdtyView national average Cash Corn price was down1 1/2 cents at $4.08. Crude...

ZCZ26 : 477-6 (+0.37%)
ZCN26 : 459-6 (+0.38%)
ZCK26 : 449-4 (+0.50%)
ZCPZ26US.CM : 4.3735 (+0.33%)
ZCPAUS.CM : 4.0963 (+0.50%)
Soybeans Shrug Off Oil Losses for Gains on Wednesday

Soybeans closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. The cmdtyView national average Cash Bean price was up 4 cents at $10.93 1/4. Soymeal futures...

ZSPAUS.CM : 10.9763 (+0.36%)
ZLK26 : 67.87 (+0.67%)
ZMK26 : 315.7 (+0.51%)
ZSPX26US.CM : 10.8854 (+0.31%)
ZSX26 : 1155-4 (+0.30%)
ZSK26 : 1166-0 (+0.34%)
ZSN26 : 1182-0 (+0.34%)
Grain Spreads: Dec 26/Dec 27 Corn

Dip Buying Considered

Wheat Collapsing on Wednesday

The wheat complex is falling on Wednesday with weakness spilling over from the crude oil. Chicago SRW futures is down 18 to 19 cents on the day. KC HRW futures are showing 14 to 15 cent losses at midday....

KEN26 : 619-4 (+1.23%)
KEK26 : 603-2 (+1.34%)
MWK26 : 6.2900 (+0.80%)
ZWK26 : 587-2 (+1.21%)
ZWN26 : 597-2 (+1.01%)
Soybeans Trading Mixed at Midday

Soybeans are trading with mixed action as front months are up 1 to 2 cents and deferred down fractionally. The cmdtyView national average Cash Bean price is up 2 1/4 cents at $10.92 1/2. Soymeal futures...

ZSPAUS.CM : 10.9763 (+0.36%)
ZLK26 : 67.87 (+0.67%)
ZMK26 : 315.7 (+0.51%)
ZSPX26US.CM : 10.8854 (+0.31%)
ZSX26 : 1155-4 (+0.30%)
ZSK26 : 1166-0 (+0.34%)
ZSN26 : 1182-0 (+0.34%)
Corn Holding Lower on Wednesday as Oil Collapses

Corn futures are bouncing off the early session lows with contracts down 3 to 5 cents at midday. The CmdtyView national average Cash Corn price is down 2 3/4 cents at $4.07 ¾. Crude oil is down $18.32...

ZCZ26 : 477-6 (+0.37%)
ZCN26 : 459-6 (+0.38%)
ZCK26 : 449-4 (+0.50%)
ZCPZ26US.CM : 4.3735 (+0.33%)
ZCPAUS.CM : 4.0963 (+0.50%)
Did Watson Blow a Fuse With the Latest TACO Tuesday Trade?

After bouncing back and forth all day Tuesday, algorithms got the headline Tuesday night that the US president had backed off his threat to end Iran's civilization forever. Markets responded accordingly....

ESM26 : 6,806.75 (-0.25%)
HOK26 : 4.0080 (+5.24%)
NGM26 : 2.862 (+0.07%)
CLK26 : 98.90 (+4.76%)
YMM26 : 47,965 (-0.37%)
LEM26 : 245.925s (unch)
ZLN26 : 67.76 (+0.73%)
GFK26 : 368.000s (unch)
GCM26 : 4,771.7 (-0.12%)
ZSK26 : 1166-0 (+0.34%)
Grain Markets Get Hit Hard

Grain markets get hit hard on last night’s open, but have battled back and stabilized some into the early morning trade. These are the levels to keep an eye on into tomorrow’s WASDE report

Corn Facing Pressure to Start Wednesday as Oil Collapses

Corn price action is down 5 to 7 cents in early Wednesday trade. Futures were 4 to 5 cents lower on the session. The CmdtyView national average Cash Corn price was down 4 3/4 cents at $4.10 1/2. Crude...

ZCZ26 : 477-6 (+0.37%)
ZCN26 : 459-6 (+0.38%)
ZCK26 : 449-4 (+0.50%)
ZCPZ26US.CM : 4.3735 (+0.33%)
ZCPAUS.CM : 4.0963 (+0.50%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 519.0
2nd Resistance Point 517.8
1st Resistance Point 515.4
Last Price 513.0s
1st Support Level 511.8
2nd Support Level 510.6
3rd Support Level 508.2

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52-Week High 516.6
Last Price 513.0s
Fibonacci 61.8% 458.3
Fibonacci 50% 440.3
Fibonacci 38.2% 422.4
52-Week Low 364.1

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