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Soybean Meal Pit Oct '17 (SMV17)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Close Just Off Friday Highs

Soybeans powered into the close as contracts were within a few cents of the daily high at the final bell. Futures were up anywhere from 7 to 16 cents at the close. The weekly gains totaled 37 ¾ cents for July and 26 ¼ cents for new crop November. Soymeal continued the rally on the week with Friday gains of $4.30 to $9.40/ton across the board, and July up $27.50 for the week. Soy Oil bulls weren’t as lucky, with contracts down 11 to 19 points on Friday and taking the weekly loss to 246 points for July.

There were 146 deliveries vs. May meal overnight, all stopped by a Stonex client. Bean oil deliveries shrank to only 79 contracts, with a handful stopped by ADMIS.  There were 196 contracts issued against May soybeans, with ADM stopping 179 for the house account. 

USDA issued a flash sale announcement of 122,000 MT of soybeans sold to unknown destinations this morning. 

Weekly Commitment of Traders data showed managed money spec traders in soybean futures and option a... Read more

Contract Specifications

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Contract
Soybean Meal [Pit]
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 per contract)
Trading Hours
8:30a.m. - 1:15p.m. CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$2,090/1,900
First Notice Date
09/29/17
Expiration Date
10/13/17 (expired)
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Price Performance

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Period Period Low Period High Performance
1-Month
305.0 +6.39%
on 09/19/17
324.5 unch
on 10/13/17
+22.4 (+7.41%)
since 09/13/17
3-Month
294.6 +10.15%
on 08/30/17
334.5 -2.99%
on 07/20/17
+2.6 (+0.81%)
since 07/13/17
52-Week
294.6 +10.15%
on 08/30/17
342.7 -5.31%
on 07/11/17
+17.4 (+5.67%)
since 10/13/16

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Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 324.5
1st Resistance Point 324.5
Last Price 324.5s
1st Support Level 324.5
2nd Support Level 324.5
3rd Support Level N/A

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52-Week High 342.7
Last Price 324.5s
Fibonacci 61.8% 324.3
Fibonacci 50% 318.6
Fibonacci 38.2% 313.0
52-Week Low 294.6

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