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Soybean Meal May '08 (ZMK08)

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Soybean Meal Futures Market News and Commentary

Soybeans Close Mixed Following Lackluster Export Sales Data

Soybeans faded off into the Thursday close, as contracts were up ½ 5o 2 ¾ cents in the front two months and down 1 to 3 ¾ cents in the tother contracts following uninspiring Export Sales data. Soymeal futures were $4 to $5.30/ton lower across most contracts. Soy Oil is was up 63 to 97 points across the board on Thursday.

Weekly Export Sales data tallied soybean bookings at just 265,733 MT, below the trade range of estimates. That was a 3-week low and down 38% from the week prior. Egypt purchased 90,400 MT, with Indonesia in for 87,900 MT and Mexico buying 86,600 MT. USDA also reported new crop sales at 25,160 MT, mostly to Taiwan, as China has yet to lock in any new crop sales. 

Soybean meal sales totaled 300,445 MT for the current MY and 31,110 MT for the 24/25 MY, as total sales snuck into the trade range of estimates. Bean oil sales were 9,114 MT for the current MY, as 24/25 sales were 962 MT. 

The Buenos Aires Grain Exchange pegged the Argentina soybean crop at... 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
Expiration Date
05/14/08 (expired)

Seasonal Chart

Soybean Meal May '08
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
182,605 (-9,068)
278,010 (+37,229)
Non-Commercials - Long / Short
139,373 (+8,633)
65,403 (-33,218)
Producers - Long / Short
89,745 (-9,870)
269,224 (+34,275)
Swap Dealers - Long / Short
88,423 (-132)
4,349 (+2,020)
Managed Money - Long / Short
121,799 (+9,538)
31,823 (-33,753)
Other Reportables - Long / Short
17,574 (-905)
33,580 (+535)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
315.9 +10.16%
on 05/01/08
358.5 -2.93%
on 04/23/08
-2.2 (-0.63%)
since 04/14/08
3-Month
298.5 +16.58%
on 04/01/08
392.9 -11.43%
on 03/03/08
-17.0 (-4.66%)
since 02/14/08
52-Week
220.7 +57.68%
on 05/15/07
392.9 -11.43%
on 03/03/08
+128.5 (+58.54%)
since 05/14/07

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Soybeans Sticking Closer to Even Following Lackluster Export Sales Data

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Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 352.7
1st Resistance Point 350.3
Last Price 348.0s
1st Support Level 343.8
2nd Support Level 339.7
3rd Support Level N/A

See More

52-Week High 392.9
Last Price 348.0s
Fibonacci 61.8% 327.1
Fibonacci 50% 306.8
Fibonacci 38.2% 286.5
52-Week Low 220.7

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