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Soybean Meal Mar '18 (ZMH18)

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cmdty Insider - Soybean Meal Market Commentary

Tue Sep 25, 5:12PM CDT
Soybean futures closed the Turnaround Tuesday session with most contracts 4 to 5 cents in the green. Nearby soy meal was up $1.50/ton, while soy oil saw 11-point gains. A 24-hour union strike in Argentina closed ports in Rosario on Tuesday. Both Brazil and Argentina are planning to import US beans for crushers to replace what was shipped to China. Friday’s Grain Stocks report, released at 11 a.m. CDT, is expected to show 398 mbu of soybean stocks on September 1. That is a buildup of 96 mbu from last year and 3 higher than the Sept S&D table. As of Sunday, all of the 18 reported states were matching or ahead of their normal harvest pace except Arkansas. Soybean condition ratings in NE were down 3 points, with NC seeing the largest loss following Hurricane Florence, down 34. MN saw a 9-point improvement, with IA up 2 and IL 3 points higher.Nov 18 Soybeans closed at $8.45 3/4, up 4 3/4 cents,Jan 19 Soybeans closed at $8.59 3/4, up 4 1/2 cents,Mar 19 Soybeans closed at $8.72 3/4, up 4 1/4 cents,Jul 19 Soybeans closed at $8.97, up 4 1/4 cents,Oct 18 Soybean Meal closed at $306.20, up $1.50,Oct 18 Soybean Oil closed at $28.37, up $0.11

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. (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$1,815/1,650
First Notice Date
02/27/18
Expiration Date
03/14/18 (expired)

Seasonal Chart

Daily price change for Soybean Meal Mar '18
Average price change for the 5 prior Mar contracts

Commitment of Traders Positions as of Sep 18, 2018

View Chart Details
Commercials - Long / Short
262,701 (+15,059)
328,776 (+252)
Non-Commercials - Long / Short
117,385 (-3,876)
59,259 (+8,500)
Producers - Long / Short
149,340 (+11,889)
296,310 (-3,167)
Swap Dealers - Long / Short
82,577 (+106)
1,682 (+355)
Managed Money - Long / Short
69,043 (-1,258)
47,840 (+6,043)
Other Reportables - Long / Short
48,342 (-2,618)
11,419 (+2,457)
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Price Performance

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Period Period Low Period High Performance
1-Month
368.3 unch
on 03/14/18
399.7 -7.86%
on 03/02/18
-1.6 (-0.43%)
since 02/14/18
3-Month
310.3 +18.69%
on 01/12/18
399.7 -7.86%
on 03/02/18
+42.7 (+13.11%)
since 12/14/17
52-Week
298.4 +23.42%
on 06/23/17
399.7 -7.86%
on 03/02/18
+42.7 (+13.11%)
since 03/14/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 32% Buy with a Weakest short term outlook on maintaining the current direction.

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

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Key Turning Points

2nd Resistance Point 378.7
1st Resistance Point 373.5
Last Price 368.3s
1st Support Level 365.7
2nd Support Level 363.1

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52-Week High 399.7
Last Price 368.3s
Fibonacci 61.8% 361.0
Fibonacci 50% 349.0
Fibonacci 38.2% 337.1
52-Week Low 298.4

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