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Soybean Meal Mar '18 (ZMH18)

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Soybean Meal Futures Market News and Commentary

Soybean Market News and Commentary

Soybean futures came back from 6-7 cent losses earlier in the session to close with 1 to 2 cent gains in most contracts. Meal futures were down 20 cents/ton in the nearby contract, with soy oil up 22 points to lead the product values. Traders expect this week’s USDA Ag Outlook Forum to show forecasted 2019 soybean acreage at 86.144 million acres, down 3.052 million acres from last year. December soybean crush data will be released on Friday afternoon, after being delayed due to the government shutdown. Export sales will also be brought up to date this Friday, with a combined report showing data from the weeks ending on Jan 10-Feb 14. Brazil’s soybean production estimate was trimmed slightly to 116.5 MMT by Agroconsult. They also cut their 2019 export projection by 2.8 MMT to 70.2 MMT.Mar 19 Soybeans closed at $9.02 1/2, up 1 3/4 cents,May 19 Soybeans closed at $9.16, up 1 1/2 cents,Jul 19 Soybeans closed at $9.29 3/4, up 1 3/4 cents,Sep 19 Soybeans closed at $9.39 1/4, up 2 cents,Mar 19 Soybean Meal closed at $305.20, down $0.20,Mar 19 Soybean Oil closed at $29.96, up $0.22 --provided by Brugler Marketing & Management

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. (Settle 1:15pm) (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$1,320/1,200
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 Jan 29, 2019

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Commercials - Long / Short
214,641 (+4,122)
264,722 (-3,358)
Non-Commercials - Long / Short
96,754 (-651)
61,835 (+7,330)
Producers - Long / Short
109,114 (+175)
235,060 (-6,597)
Swap Dealers - Long / Short
77,972 (-375)
2,107 (-1,083)
Managed Money - Long / Short
49,566 (-950)
47,480 (+4,868)
Other Reportables - Long / Short
47,188 (+299)
14,355 (+2,462)
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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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