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Soybean Meal Jul '19 (ZMN19)

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Soybean Meal Futures Market News and Commentary

Friday Beans Close Lower

Soybeans closed the last trading day of the week 2 to 4 1/2 cents lower. For May futures that was a wk/wk drop of 27 1/4 cents. Soymeal futures closed higher than the midday lows but still down by $5.90/ton. The weekly drop for May meal futures totaled $19.90/ton. Bean oil futures were up by 19 points after Friday trading, but still closed 42 points below last Friday. NASS revised February soybean crush to 175.26 mbu, 6.3 mbu lower than the number released on Wednesday. That is still a record for the month. The CoT report showed soybean spec traders switched to net long on a bout of short covering. The net short lasted for 10 weeks. On March 31 soybean spec traders were 23,230 contracts net long. Soymeal spec traders were 49,619 contracts net long. That was up 26.9% from their net long a week earlier. Managed money was more net short for soybean oil. The BA Grain Exchange lowered their forecast for Argentine soybeans to 49.5 MMT citing lower than expected yields. Brazil shipped 11.6... 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
$1,375/1,250
First Notice Date
06/28/19
Expiration Date
07/12/19 (expired)

Seasonal Chart

Soybean Meal Jul '19
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Mar 31, 2020

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Commercials - Long / Short
228,187 (-258)
312,741 (+7,998)
Non-Commercials - Long / Short
84,046 (-1,402)
21,879 (-4,683)
Producers - Long / Short
107,659 (+972)
280,382 (+4,097)
Swap Dealers - Long / Short
100,597 (-3,363)
12,428 (+1,768)
Managed Money - Long / Short
61,257 (+3,959)
11,690 (-5,437)
Other Reportables - Long / Short
22,789 (-5,361)
10,189 (+754)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
302.5 +3.57%
on 07/05/19
327.3 -4.28%
on 06/18/19
-6.2 (-1.94%)
since 06/12/19
3-Month
283.1 +10.67%
on 05/13/19
328.1 -4.51%
on 05/30/19
+1.7 (+0.55%)
since 04/12/19
52-Week
283.1 +10.67%
on 05/13/19
336.0 -6.76%
on 07/31/18
-3.2 (-1.01%)
since 07/12/18

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The Barchart Technical Opinion rating is a 48% Buy with a Strengthening short term outlook on maintaining the current direction.

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Key Turning Points

2nd Resistance Point 313.8
1st Resistance Point 313.5
Last Price 313.3s
1st Support Level 312.8
2nd Support Level 312.4

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52-Week High 336.0
Fibonacci 61.8% 315.8
Last Price 313.3s
Fibonacci 50% 309.5
Fibonacci 38.2% 303.3
52-Week Low 283.1

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