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Soybean Meal Jul '24 (ZMN24)

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Soybean Meal Futures Market News and Commentary

Soybeans Closes with Tuesday Gains USDA Tightens Stocks

Soybeans were in rally mode on Tuesday, with contracts up 10 1/4 to 13 3/4 cents at the close. The cmdtyView national average Cash Bean price was up 14 1/2 cents at $11.61 3/4. Soymeal futures were up $1.20 to $5.10, with Soy Oil futures 85 to 162 points higher. 

USDA’s WASDE report showed old crop US carryout down 10 mbu to 340 mbu. That came from a 10 mbu cut to exports and 20 mbu increase to crush. New crop data was also published, with US ending stock at 310 mbu, well below the 366 mbu estimate. The initial World Ag Outlook Board production number for the US was seen at 4.435 bbu, with yield seen at 53 bpa. 

South American production was left unchanged this month. Old crop ending stocks for the world was up just 0.34 MMT to 125.13 MMT. The initial projection for 2026/27 from WAOB was at 124.78 MMT.

The weekly Crop Progress report from NASS showed the US soybean crop at 49% planted by May 10, still well above the 36% average pace for this time of year.  Michigan... 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
$1,705/1,550
First Notice Date
06/28/24
Expiration Date
07/12/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 5, 2026

View Chart Details
Commercials - Long / Short
239,910 (-7,126)
397,199 (-10,266)
Non-Commercials - Long / Short
190,466 (-6,229)
55,752 (+2,158)
Producers - Long / Short
108,464 (-9,841)
374,431 (-10,604)
Swap Dealers - Long / Short
124,457 (+2,150)
15,779 (-227)
Managed Money - Long / Short
147,469 (-3,952)
35,233 (+4,871)
Other Reportables - Long / Short
42,997 (-2,277)
20,519 (-2,713)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
357.2 +3.16%
on 06/20/24
388.9 -5.25%
on 07/05/24
+8.3 (+2.30%)
since 06/12/24
3-Month
336.4 +9.54%
on 04/18/24
391.3 -5.83%
on 05/28/24
+24.4 (+7.09%)
since 04/12/24
52-Week
326.7 +12.79%
on 02/29/24
434.2 -15.13%
on 11/08/23
-6.6 (-1.76%)
since 07/12/23

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I am Stephen Davis, senior market strategist at Walsh Trading, Inc., Chicago, Illinois. You can reach me at 312-878-2391. The forecast for 2026/27 United States winter wheat is down 25 percent from last...

Corn Posts Gains on Tuesday

Corn futures held on Tuesday, with contracts up 4 to 5 cents at the close. A limit rally in the wheat market was supportive. The CmdtyView national average Cash Corn price was up 5 cents to $4.39. The...

ZCZ26 : 503-0 (+0.20%)
ZCN26 : 480-4 (+0.10%)
ZCK26 : 467-2s (+1.41%)
ZCPZ26US.CM : 4.6393 (+0.91%)
ZCPAUS.CM : 4.3890 (+1.17%)
Soybeans Closes with Tuesday Gains USDA Tightens Stocks

Soybeans were in rally mode on Tuesday, with contracts up 10 1/4 to 13 3/4 cents at the close. The cmdtyView national average Cash Bean price was up 14 1/2 cents at $11.61 3/4. Soymeal futures were up...

ZSPAUS.CM : 11.6078 (+1.26%)
ZLN26 : 75.07 (-0.38%)
ZMN26 : 330.6 (+0.67%)
ZSPX26US.CM : 11.3840 (+0.90%)
ZSX26 : 1205-0 (unch)
ZSK26 : 1213-4s (+1.15%)
ZSN26 : 1225-4 (-0.10%)
Wheat Rallies the Limit on Tuesday as USDA Releases Production Updates

The wheat complex was in rally mode on Tuesday, hitting the limit in a few contracts. Chicago SRW was up as little as 13 ½ cents in the deferreds to the 45 cent limit in July. KC HRW futures rallied from...

KEN26 : 733-4 (+0.31%)
KEK26 : 720-4s (+6.98%)
MWK26 : 7.1525s (+5.53%)
ZWK26 : 665-0s (+6.87%)
ZWN26 : 673-0 (-0.88%)
Pure Hedge - Livestock and Grain

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What Was Tuesday Wheat's Time to Shine?

Tuesday's session brought to mind an old saying, “Even the sun shines on a cockroach some days”.

HOM26 : 4.0981 (-1.46%)
ZCZ26 : 503-0 (+0.20%)
ZLN26 : 75.07 (-0.38%)
ZSX26 : 1205-0 (unch)
ZWN26 : 673-0 (-0.88%)
ZCN26 : 480-4 (+0.10%)
Corn Holding onto Tuesday Gains

Corn futures are holding up on Tuesday, despite a USDA report more on the bear side of things. Contracts are up 3 to 4 cents The CmdtyView national average Cash Corn price is up 3 3/4 cents to $4.38 3/4....

ZCZ26 : 503-0 (+0.20%)
ZCN26 : 480-4 (+0.10%)
ZCK26 : 467-2s (+1.41%)
ZCPZ26US.CM : 4.6393 (+0.91%)
ZCPAUS.CM : 4.3890 (+1.17%)
Soybeans Posting Strength as USDA Shows Tighter Stocks

Soybeans are in rally mode on Tuesday, with contracts up 11 to 17 cents on a friendlier USDA report from this morning. The cmdtyView national average Cash Bean price is up 14 1/2 cents at $11.61 3/4. Soymeal...

ZSPAUS.CM : 11.6078 (+1.26%)
ZLN26 : 75.07 (-0.38%)
ZMN26 : 330.6 (+0.67%)
ZSPX26US.CM : 11.3840 (+0.90%)
ZSX26 : 1205-0 (unch)
ZSK26 : 1213-4s (+1.15%)
ZSN26 : 1225-4 (-0.10%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Average Signal Strength.

Key Turning Points

3rd Resistance Point 376.2
2nd Resistance Point 374.6
1st Resistance Point 371.6
Last Price 368.5s
1st Support Level 367.0
2nd Support Level 365.4
3rd Support Level 362.4

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52-Week High 434.2
Fibonacci 61.8% 393.1
Fibonacci 50% 380.4
Last Price 368.5s
Fibonacci 38.2% 367.8
52-Week Low 326.7

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