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Soybean Meal Pit Aug '24 (SMQ24)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Starting Thursday with Gains

Soybeans are trading 3 to 4 cents higher on Thursday morning. Futures closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. Open interest was down 18,217 contracts in May as the Goldman roll kicks off, with July rising 19,402 contracts. The cmdtyView national average Cash Bean price was up 4 cents at $10.93 1/4. Soymeal futures were up $2.30 to $5.20 on the day, with Soy Oil futures down 150 to 230 points on the day. Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. It is back up $4.55 this morning as traffic has been limited.

USDA will release their monthly WASDE report on Thursday morning. A survey of analysts by Bloomberg shows very few changes expected to the US balance sheet with an average estimate at 349 mbu for soybean’s carryout, vs. 350 mbu in March. Analysts look for world stocks to be up 0.2 MMT to 125.5 MMT.

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Contract Specifications

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Contract
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Contract Size
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Tick Size
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Trading Hours
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Exchange
CBOT
Point Value
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Seasonal Chart

Soybean Meal Pit Aug '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
329.9 +2.82%
on 02/27/24
345.2 -1.74%
on 02/20/24
-3.2 (-0.93%)
since 02/16/24
3-Month
329.9 +2.82%
on 02/27/24
390.5 -13.14%
on 12/26/23
-47.3 (-12.24%)
since 12/19/23
52-Week
329.9 +2.82%
on 02/27/24
421.1 -19.45%
on 11/13/23
-46.5 (-12.06%)
since 03/17/23

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Most Recent Stories

More News
Wheat Bouncing on Thursday Morning

Wheat is kicking off Thursday trade with contract higher across the three markets. The wheat complex was under pressure on Wednesday as money was coming out with pressure from crude oil. Chicago SRW futures...

KEN26 : 621-2 (+1.51%)
KEK26 : 605-2 (+1.68%)
MWK26 : 6.2950 (+0.88%)
ZWK26 : 588-0 (+1.34%)
ZWN26 : 598-2 (+1.18%)
Corn Bouncing Ahead of USDA Data

Corn price action is up 1 to 2 ½ cents in the front months on Thursday morning. Futures saw some buying off the early overnight lows, but still managed to close with losses of 1 ¾ to 3 ½ cents. Open...

ZCZ26 : 478-4 (+0.53%)
ZCN26 : 460-4 (+0.55%)
ZCK26 : 450-0 (+0.61%)
ZCPZ26US.CM : 4.3817 (+0.52%)
ZCPAUS.CM : 4.1036 (+0.68%)
Soybeans Starting Thursday with Gains

Soybeans are trading 3 to 4 cents higher on Thursday morning. Futures closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. Open interest was down 18,217...

ZSPAUS.CM : 10.9878 (+0.47%)
ZLK26 : 67.97 (+0.82%)
ZMK26 : 315.6 (+0.48%)
ZSPX26US.CM : 10.8960 (+0.41%)
ZSX26 : 1156-4 (+0.39%)
ZSK26 : 1167-0 (+0.43%)
ZSN26 : 1183-0 (+0.42%)
Wheat Collapses on Wednesday with Crude Oil Pressure

The wheat complex was under pressure on Wednesday as money was coming out with pressure from crude oil. Chicago SRW futures was down 13 to 17 ¾ cents in the nearbys on the day. KC HRW futures posted 7...

KEN26 : 621-2 (+1.51%)
KEK26 : 605-2 (+1.68%)
MWK26 : 6.2950 (+0.88%)
ZWK26 : 588-0 (+1.34%)
ZWN26 : 598-2 (+1.18%)
Corn Recover Off Lows, Still Close in the Red on Wednesday

Corn futures saw some buying off the early overnight lows, but still managed to close with losses of 1 ¾ to 3 ½ cents. The CmdtyView national average Cash Corn price was down1 1/2 cents at $4.08. Crude...

ZCZ26 : 478-4 (+0.53%)
ZCN26 : 460-4 (+0.55%)
ZCK26 : 450-0 (+0.61%)
ZCPZ26US.CM : 4.3817 (+0.52%)
ZCPAUS.CM : 4.1036 (+0.68%)
Soybeans Shrug Off Oil Losses for Gains on Wednesday

Soybeans closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. The cmdtyView national average Cash Bean price was up 4 cents at $10.93 1/4. Soymeal futures...

ZSPAUS.CM : 10.9878 (+0.47%)
ZLK26 : 67.97 (+0.82%)
ZMK26 : 315.6 (+0.48%)
ZSPX26US.CM : 10.8960 (+0.41%)
ZSX26 : 1156-4 (+0.39%)
ZSK26 : 1167-0 (+0.43%)
ZSN26 : 1183-0 (+0.42%)
Grain Spreads: Dec 26/Dec 27 Corn

Dip Buying Considered

Soybeans Trading Mixed at Midday

Soybeans are trading with mixed action as front months are up 1 to 2 cents and deferred down fractionally. The cmdtyView national average Cash Bean price is up 2 1/4 cents at $10.92 1/2. Soymeal futures...

ZSPAUS.CM : 10.9878 (+0.47%)
ZLK26 : 67.97 (+0.82%)
ZMK26 : 315.6 (+0.48%)
ZSPX26US.CM : 10.8960 (+0.41%)
ZSX26 : 1156-4 (+0.39%)
ZSK26 : 1167-0 (+0.43%)
ZSN26 : 1183-0 (+0.42%)
Wheat Collapsing on Wednesday

The wheat complex is falling on Wednesday with weakness spilling over from the crude oil. Chicago SRW futures is down 18 to 19 cents on the day. KC HRW futures are showing 14 to 15 cent losses at midday....

KEN26 : 621-2 (+1.51%)
KEK26 : 605-2 (+1.68%)
MWK26 : 6.2950 (+0.88%)
ZWK26 : 588-0 (+1.34%)
ZWN26 : 598-2 (+1.18%)
Corn Holding Lower on Wednesday as Oil Collapses

Corn futures are bouncing off the early session lows with contracts down 3 to 5 cents at midday. The CmdtyView national average Cash Corn price is down 2 3/4 cents at $4.07 ¾. Crude oil is down $18.32...

ZCZ26 : 478-4 (+0.53%)
ZCN26 : 460-4 (+0.55%)
ZCK26 : 450-0 (+0.61%)
ZCPZ26US.CM : 4.3817 (+0.52%)
ZCPAUS.CM : 4.1036 (+0.68%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 339.2
2nd Resistance Point 339.2
1st Resistance Point 339.2
Last Price 339.2s
1st Support Level 339.2
2nd Support Level 339.2
3rd Support Level 339.2

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52-Week High 421.1
Fibonacci 61.8% 386.3
Fibonacci 50% 375.5
Fibonacci 38.2% 364.7
Last Price 339.2s
52-Week Low 329.9

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