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Soybean Meal Pit Aug '24 (SMQ24)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Finds Late Strength to Post Gains on Friday

Soybeans posted Friday gains of 6 to 10 cents in the nearby contracts, as May was up 17 ½ cents on the week. November was up 13 ¼ cents on the week. The cmdtyView national average Cash Bean price was up 9 1/4 cents at $10.94.  Soymeal futures were steady to $2.10 lower in the front months, as May was $6.70 higher on the week. Soy Oil futures were firm to 9 points higher in the nearbys, with May rallying 255 points this week. 

The average close for November soybean futures was $11.09 in February, up 55 cents from last year’s spring soybean crop insurance price. 

Managed money added another 20,591 contracts to their net long position as of 2/24, taking the position to 184,202 contracts according to CFTC data released on Friday. 

USDA’s Export Sales report for the week of February 19 brought the total soybean export commitment total to 35.65 MMT, a decline of 19% from the same period last year. That is now 83% of the USDA export estimate and behind the 91% average pac... Read more

Contract Specifications

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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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Soybeans Finds Late Strength to Post Gains on Friday

Soybeans posted Friday gains of 6 to 10 cents in the nearby contracts, as May was up 17 ½ cents on the week. November was up 13 ¼ cents on the week. The cmdtyView national average Cash Bean price was...

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ZSH26 : 1157-2s (+0.83%)
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Wheat Leads the Grain Rally on Friday

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Corn Posts Friday Rally to Close February

Corn futures posted gains of 4 to 5 ½ cents across the front months on Friday, as May managed an 8 ¾ cent gain this week. The CmdtyView national averageCash Corn price was up 5 3/4 cents to $4.06 1/4....

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ZCK26 : 448-4s (+1.13%)
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Grain Spreads: Lock in 4.80 Corn

Old Crop Hedge Idea

Shootin' the Bull about doing such a great job, everyone wants to join in

Lastly, cattlemen have bid inventory to levels that have encouraged other producers, outside of the US, to increase production capabilities.

Agricultural Prices

Agricultural Prices - 2026-02-27

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ZSBAUS.CM : -0.6418 (-0.19%)
ZOK26 : 319-6s (+0.24%)
BJG26 : 1.4330s (unch)
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MLK26 : 201.50s (+1.90%)
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Corn Rallying on Friday

Corn futures are trading with gains of 5 to 6 cents in the front months on Friday. First notice day showed just 9 deliveries overnight all issued by the Bunge house account. The CmdtyView national average...

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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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