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Soybean Meal Mar '18 (ZMH18)

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Soybean Meal Futures Market News and Commentary

Soybeans Close Lower As Forecasts Dry Up

Soybean futures closed 5 to 8 cents lower in most contracts on Tuesday. Soybean meal was down $1.90/ton, with soy oil 35 points lower. The 7-day QPF shows drier weather across most growing regions, allowing for planting to pick up later this week. Most of the ECB is lagging, with IL 79% planted, IN @ 75%, OH 65% complete and MO at just 66% planted. Initial condition ratings showed all of the 18 reported states other than NC and LA below the same week in 2018. Per wire surveys, US acreage for 2019 is expected to be around 84.68 million acres in this Friday’s report. Chinese imports of soybeans were down 24% in May from the same month last year at 7.36 MMT, with 977,024 MT from US. Jul 19 Soybeans closed at $9.03 1/2, down 5 1/2 cents, Aug 19 Soybeans closed at $9.08 3/4, down 6 cents, Sep 19 Soybeans closed at $9.14 1/2, down 6 cents, Jan 20 Soybeans closed at $9.38 1/4, down 7 1/4 cents, Jul 19 Soybean Meal closed at $315.70, down $1.90, Jul 19 Soybean Oil closed at $28.00, down $0.35 --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. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$1,452/1,320
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 Jun 18, 2019

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Commercials - Long / Short
234,558 (-428)
276,818 (-5,615)
Non-Commercials - Long / Short
79,164 (-8,522)
52,875 (-2,433)
Producers - Long / Short
140,613 (-356)
250,380 (-2,140)
Swap Dealers - Long / Short
70,676 (-440)
3,169 (-3,843)
Managed Money - Long / Short
44,255 (-6,497)
41,765 (-1,856)
Other Reportables - Long / Short
34,909 (-2,025)
11,110 (-577)
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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Soybeans Close Lower As Forecasts Dry Up

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Soybeans Struggling at Midday

Soybean futures are down 4 to 5 1/2 cents in the front months on Tuesday. Soybean meal is down $1.10/ton, with soy oil 25 points lower. USDA calculated 85% of intended acreage is planted vs. the 5-year...

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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