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Soybean Meal Mar '18 (ZMH18)

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Soybean Meal Futures Market News and Commentary

Soybeans Hold Steady

Soybean futures found support today, and remained pretty steady throughout, to finish fractionally mixed on Tuesday. Soybean meal was $1.70/ton higher at the close, with bean oil 39 points lower. The USDA Crop Progress Report that was released this afternoon reported that national soybean harvest was right in line with trader expectations, listed at 85%. Harvest averages 92% completion for the time of year, however harvest is only 2 percentage points behind last year’s pace. National bean harvest was up 10% on the week with great weather, although with the recent snow in most of the WCB that efficient pace may slow by next week’s report. Soybean export inspections released this morning from the USDA, showed 48.929 mbu of soybeans for the week ending 11/07. That was just below the same week last year and 5.475 mbu less than last week. The MYTD accumulated export inspections for soybeans are 7.01% above 18/19’s pace

Trade ideas for US harvest progress are in the 84-85% range fo... 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
$1,122/1,020
First Notice Date
02/28/18
Expiration Date
03/14/18 (expired)

Seasonal Chart

Soybean Meal Mar '18
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Nov 5, 2019

View Chart Details
Commercials - Long / Short
218,388 (+12,871)
224,960 (+3,671)
Non-Commercials - Long / Short
70,571 (-4,915)
82,707 (+3,125)
Producers - Long / Short
111,099 (+5,965)
194,515 (+1,883)
Swap Dealers - Long / Short
84,119 (+5,903)
7,275 (+785)
Managed Money - Long / Short
36,310 (-6,656)
73,631 (+2,150)
Other Reportables - Long / Short
34,261 (+1,741)
9,076 (+975)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

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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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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