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Soybean Meal Mar '08 (ZMH08)

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Soybean Meal Futures Market News and Commentary

Soybeans Drop on Tuesday

Soybean closed Turnaround Tuesday with contracts down 4 ½ to 7 ¼ cents. Soymeal futures were back up on the day, with gains of $2.80 to $6.10/ton. Soy Oil collapsed 131 to 184 points on the session. On Tuesday morning the White House issued an announcement of increased tariffs on Chinese goods, but did not include used cooking oil on the list. 

The weekly Crop Progress report from NASS pegged IA, IL, MI, MN, NE, ND and SD lagging behind the 5-year average planting pace. Limited precip over the next week should allow for planting to catch up in most of those states on the western side.

NOPA data will be updated on Wednesday, as traders are expecting to see April crush at 183.07 mbu. Soy oil stocks are estimated at 1.882 billion lbs. 

The monthly released from CONAB showed expected Brazilian production at 147.68 MMT this morning. That was a 1.16 MMT increase from last month, as the agency increase acreage by 498,000 hectares (1.23 million acres).

May 24 Soybean... 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
Expiration Date
03/14/08 (expired)

Seasonal Chart

Soybean Meal Mar '08
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
182,605 (-9,068)
278,010 (+37,229)
Non-Commercials - Long / Short
139,373 (+8,633)
65,403 (-33,218)
Producers - Long / Short
89,745 (-9,870)
269,224 (+34,275)
Swap Dealers - Long / Short
88,423 (-132)
4,349 (+2,020)
Managed Money - Long / Short
121,799 (+9,538)
31,823 (-33,753)
Other Reportables - Long / Short
17,574 (-905)
33,580 (+535)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
327.9 +2.62%
on 03/10/08
385.7 -12.76%
on 03/03/08
-22.9 (-6.37%)
since 02/14/08
3-Month
322.8 +4.24%
on 01/23/08
385.7 -12.76%
on 03/03/08
+4.4 (+1.32%)
since 12/14/07
52-Week
210.0 +60.24%
on 04/25/07
385.7 -12.76%
on 03/03/08
+105.0 (+45.36%)
since 03/14/07

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Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 348.0
1st Resistance Point 342.2
Last Price 336.5s
1st Support Level 333.6
2nd Support Level 330.8
3rd Support Level N/A

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52-Week High 385.7
Last Price 336.5s
Fibonacci 61.8% 318.6
Fibonacci 50% 297.9
Fibonacci 38.2% 277.1
52-Week Low 210.0

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