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Soybean Meal Pit May '24 (SMK24)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Feeling Pressure on Monday

Soybeans are down 5 to 7 cents at Monday’s midday, more than 35 cents off the overnight highs. Open interest was up 16,951 contracts on Friday. The cmdtyView national average Cash Bean price is down 6 1/4 cents at $11.20 1/2.  Soymeal futures are down $3 to $3.70, with Soy Oil futures down 17 to 34. Crude oil is up just $3.97 at midday and nearly $25 from the overnight highs. 

US soybean ending stocks are estimated to be trimmed by 6 mbu to 344 mbu in Tuesday’s WASDE. 

Export Inspections data showed soybean shipments 879,190 MT (32.3 mbu) shipped in the week that ended on March 5. That was down 24.3% from last week, but up 2.5% vs. the same week last year. China was the top destination of 411,462 MT, with 161,746 MT to Egypt and 118,747 MT to Indonesia. Marketing year shipments have totaled 27.09 MMT (995.3 mbu), which is down 29.6% yr/yr.

CFTC data via the Commitment of Traders report indicated managed money adding just 14,700 contracts to their net long in the we... Read more

Contract Specifications

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Seasonal Chart

Soybean Meal Pit May '24
Average Price Chart for 5 Prior Pit Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
324.9 +2.77%
on 02/27/24
341.7 -2.28%
on 02/20/24
-5.0 (-1.48%)
since 02/16/24
3-Month
324.9 +2.77%
on 02/27/24
392.7 -14.97%
on 12/26/23
-54.8 (-14.10%)
since 12/19/23
52-Week
324.9 +2.77%
on 02/27/24
429.7 -22.29%
on 11/13/23
-57.5 (-14.69%)
since 03/17/23

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Most Recent Stories

More News
Wheat Fading Back Lower at Midday

The wheat complex is down across most contracts on Monday. Chicago SRW futures are down 10 to 13 cents. KC HRW futures are 2 to 4 cents in the red. MPLS spring wheat is fractionally mixed at midday. Crude...

KEK26 : 619-6 (-0.60%)
KEH26 : 611-4s (+4.49%)
MWH26 : 6.3750 (+0.95%)
ZWH26 : 609-6 (-0.25%)
ZWK26 : 605-6 (-1.78%)
Soybeans Feeling Pressure on Monday

Soybeans are down 5 to 7 cents at Monday’s midday, more than 35 cents off the overnight highs. Open interest was up 16,951 contracts on Friday. The cmdtyView national average Cash Bean price is down...

ZSPAUS.CM : 11.2463 (-0.18%)
ZLK26 : 66.41 (-0.26%)
ZMK26 : 314.3 (-0.91%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1181-6 (-0.27%)
ZSK26 : 1199-0 (-0.15%)
Corn Reverting Lower at Monday’s Midday

Corn futures are down 3 to 7 cents across most contracts, falling from the overnight highs. There were 241 deliveries issued against March corn on Friday night. The CmdtyView national average Cash Corn...

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 455-2 (-1.14%)
ZCH26 : 440-4 (-1.45%)
ZCPAUS.CM : 4.1193 (-1.49%)
You Get Oil Right, You Get a Lot of Things Right

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Soybeans Holding Double Digit Gains Early on Monday

Soybeans are continuing the strength on Monday morning, as contracts are up 12 to 15 cents. Some contracts are 18 to 20 cents off the overnight highs. Futures rallied 16 ¾ to 21 ½ cents in the old crop...

ZSPAUS.CM : 11.2463 (-0.18%)
ZLK26 : 66.41 (-0.26%)
ZMK26 : 314.3 (-0.91%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1181-6 (-0.27%)
ZSK26 : 1199-0 (-0.15%)
Wheat Rally Pushing to Monday Morning

Wheat is holding onto Monday AM gains, though most contracts have slipped off overnight highs. The wheat complex is continued the rally into Friday, with contracts up sharply across the three markets....

KEK26 : 619-6 (-0.60%)
KEH26 : 611-4s (+4.49%)
MWH26 : 6.3750 (+0.95%)
ZWH26 : 609-6 (-0.25%)
ZWK26 : 605-6 (-1.78%)
Corn Extending Gains to Monday Morning

Corn price action is up 4 to 5 cents on Monday morning, though some contracts are 10 to 12 cents off the overnight highs. Futures posted gains of 3 ¾ to 8 ¼ cents across the board on Friday, as May managed...

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ZCK26 : 455-2 (-1.14%)
ZCH26 : 440-4 (-1.45%)
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Will We See the Stickers Again?

Overnight through early Monday morning saw the Energies sector hit prices not seen since 2022.

SBK26 : 14.59s (+3.48%)
$NASX : 22,322.69 (-0.29%)
ZCK26 : 455-2 (-1.14%)
CLJ26 : 94.59 (+4.06%)
$DOWI : 46,995.53 (-1.07%)
GCJ26 : 5,100.8 (-1.12%)
SIK26 : 84.500 (+0.22%)
HOJ26 : 3.5767 (-1.26%)
RBJ26 : 2.7973 (+1.85%)
ZSK26 : 1199-0 (-0.15%)
$INX : 6,696.73 (-0.64%)
ZWK26 : 605-6 (-1.78%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 333.9
2nd Resistance Point 333.9
1st Resistance Point 333.9
Last Price 333.9s
1st Support Level 333.9
2nd Support Level 333.9
3rd Support Level 333.9

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52-Week High 429.7
Fibonacci 61.8% 389.7
Fibonacci 50% 377.3
Fibonacci 38.2% 364.9
Last Price 333.9s
52-Week Low 324.9

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