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Soybean Meal Mar '24 (ZMH24)

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Soybean Meal Futures Market News and Commentary

Soybeans Rallying Following Ratings Drop with Help from Products

Soybeans are 3 to 12 ½ cents higher as we make our way through the Tuesday session. Weaker condition ratings and product value support are helping to support midday action.  Soymeal futures are back up $2 to $3.30/ton.  Soy Oil futures are trading with 81 to 82 point gains.

The weekly NASS Crop Progress report indicated 93% of the US soybean crop was planted, 2% ahead of average, with 82% emerged and 3% faster than normal. They reported condition ratings down 2% to 70% gd/ex. The Brugler500 index, taking in all 5 ratings categories, was 3 points lower to 376. Much of the crop deterioration came from IL, down 17 points, with ON 7 points lower and SD down 10. Ratings in IA were up 1 point, with NE 3 points better, OH up 4, and MO improving 7 points.  

Brazilian crusher group Abiove trimmed their projection for Brazil’s soybean crop by 1.4 MMT to 152.5 MMT on Tuesday. That is well above the CONAB projection, but more in line with the USDA.

Jul 24 Soybeans  are at $11.... 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
$2,310/2,100
First Notice Date
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

Soybean Meal Mar '24
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Jun 11, 2024

View Chart Details
Commercials - Long / Short
188,358 (+2,014)
300,505 (-3,167)
Non-Commercials - Long / Short
142,409 (-9,510)
49,875 (-4,636)
Producers - Long / Short
86,358 (+4,148)
287,627 (+513)
Swap Dealers - Long / Short
96,064 (+1,760)
6,942 (+214)
Managed Money - Long / Short
121,370 (-10,081)
26,839 (-1,172)
Other Reportables - Long / Short
21,039 (+571)
23,036 (-3,464)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
326.7 +1.99%
on 02/27/24
352.4 -5.45%
on 02/20/24
-10.1 (-2.94%)
since 02/14/24
3-Month
326.7 +1.99%
on 02/27/24
401.8 -17.07%
on 12/18/23
-62.6 (-15.82%)
since 12/14/23
52-Week
326.7 +1.99%
on 02/27/24
445.1 -25.14%
on 11/13/23
-76.8 (-18.73%)
since 03/14/23

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Most Recent Stories

More News
Wheat Heading Lower Ahead of Day Off

The wheat complex is pushing lower across all three exchanges at midday. Kansas City contracts are down 3 to 5 cents. Chicago is leading the way this time, with 6 to 8 cent losses. MPLS spring wheat is...

ZWN24 : 582-0s (-1.61%)
ZWU24 : 599-0s (-1.48%)
KEN24 : 600-6s (-0.78%)
KEU24 : 609-6s (-0.93%)
MWN24 : 632-6s (-0.90%)
Soybeans Rallying Following Ratings Drop with Help from Products

Soybeans are 3 to 12 ½ cents higher as we make our way through the Tuesday session. Weaker condition ratings and product value support are helping to support midday action. Soymeal futures are back up...

ZMZ24 : 345.2s (+0.09%)
ZLZ24 : 44.44s (+1.25%)
ZSN24 : 1174-0s (+1.40%)
ZSPAUS.CM : 11.1974 (+1.56%)
ZSQ24 : 1156-0s (+0.87%)
ZSX24 : 1132-0s (+0.15%)
ZSPX24US.CM : 10.7035 (+0.18%)
Corn Getting Turnaround Tuesday Bounce

Corn futures are posting 4 to 7 cent gains across most contracts on Tuesday’s midday. They are being helped by some corrective action on a drop in condition ratings and very few prospects of rain in...

ZCN24 : 450-0s (+1.41%)
ZCPAUS.CM : 4.3439 (+1.62%)
ZCU24 : 455-6s (+1.28%)
ZCZ24 : 467-6s (+1.03%)
ZCPZ24US.CM : 4.3821 (+1.11%)
Declining Crop Conditions Help Support Corn and Soybean Prices Overnight

Corn and soybean futures prices firm overnight following the weekly crop progress report, which showed a bigger decline in conditions than expected.

Wheat Continuing Retreat on Tuesday

The wheat complex is posting mixed trade as we kick off the Tuesday session, with many of the front months heading lower. They continued its steep descent on Monday, with double digit losses across all...

ZWN24 : 582-0s (-1.61%)
ZWU24 : 599-0s (-1.48%)
KEN24 : 600-6s (-0.78%)
KEU24 : 609-6s (-0.93%)
MWN24 : 632-6s (-0.90%)
Soybeans Bouncing Following Ratings Drop

Soybeans are 2 to 3 cents higher as we start the Tuesday session. They leaked lower for much of Monday, with contracts down 13 ¼ to 22 ¼ cents across the board. Soymeal futures were down $5.90 to $8.50/ton...

ZMZ24 : 345.2s (+0.09%)
ZLZ24 : 44.44s (+1.25%)
ZSN24 : 1174-0s (+1.40%)
ZSPAUS.CM : 11.1974 (+1.56%)
ZSQ24 : 1156-0s (+0.87%)
ZSX24 : 1132-0s (+0.15%)
ZSPX24US.CM : 10.7035 (+0.18%)
Corn Getting Some Positive Reaction to Lower Crop Ratings

Corn is trading 1 to 2 cents higher on your Tuesday morning. Futures were down 4 ¼ to7 ½ cents across the board on Monday, continuing the Friday pull back. Weather forecasts over the next week calling...

ZCN24 : 450-0s (+1.41%)
ZCPAUS.CM : 4.3439 (+1.62%)
ZCU24 : 455-6s (+1.28%)
ZCZ24 : 467-6s (+1.03%)
ZCPZ24US.CM : 4.3821 (+1.11%)
Soybeans Closes Near the Lows

Soybeans leaked lower for much of the Monday session, as contracts were down 13 ¼ to 22 ¼ cents across the board. Soymeal futures were down $5.90 to $8.50/ton to pile on the pressure. Soy Oil futures...

ZMZ24 : 345.2s (+0.09%)
ZLZ24 : 44.44s (+1.25%)
ZSN24 : 1174-0s (+1.40%)
ZSPAUS.CM : 11.1974 (+1.56%)
ZSQ24 : 1156-0s (+0.87%)
ZSX24 : 1132-0s (+0.15%)
ZSPX24US.CM : 10.7035 (+0.18%)
Corn Falls into Monday’s Close, USDA Shows Drop in Ratings

Corn futures picked up where they left off on Friday, as contracts were down 4 ¼ to7 ½ cents across the board on Monday. Pressure was from the double-digit losses in wheat and beans. Weather forecast...

ZCN24 : 450-0s (+1.41%)
ZCPAUS.CM : 4.3439 (+1.62%)
ZCU24 : 455-6s (+1.28%)
ZCZ24 : 467-6s (+1.03%)
ZCPZ24US.CM : 4.3821 (+1.11%)
Wheat Collapses to Start the Week

The wheat complex continued its steep descent on Monday, with double digit losses across all three exchanges. Kansas City contracts were leading the bear charge, with contracts down 13 to 22 cents. Chicago...

ZWN24 : 582-0s (-1.61%)
ZWU24 : 599-0s (-1.48%)
KEN24 : 600-6s (-0.78%)
KEU24 : 609-6s (-0.93%)
MWN24 : 632-6s (-0.90%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 333.2
2nd Resistance Point 333.2
1st Resistance Point 333.2
Last Price 333.2s
1st Support Level 333.2
2nd Support Level 333.2
3rd Support Level 333.2

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52-Week High 445.1
Fibonacci 61.8% 399.9
Fibonacci 50% 385.9
Fibonacci 38.2% 371.9
Last Price 333.2s
52-Week Low 326.7

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