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Soybean Meal Pit Cash (SMY00)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Heading Higher to Start New Week

Soybeans are trading 5 to 10 cents higher so far on Monday after coming out of the gates running this morning. Preliminary open interest dropped 32,868 contracts, almost exclusively due to May options expiration. Soymeal is rallying hard at midday, with $7.30 to $8.60 gains. Soy Oil is back lower, with losses of 63 to 64 points.  

The weekly Monday morning Export Inspections report showed just 250,332 MT of soybeans shipped in the week that ended on April 25. That was a 41.9% drop from the previous week and down 38.6% from the same week in 2023. The lead buyer was Japan at 84,142 MT, with 77,696 MT headed to Indonesia, as just 9,257 MT head on its way to China. Cumulative export shipment this marketing year have been 38.748 MMT (1.424 bbu), which is 18.4% below last year during the same period. 

Friday afternoon’s CFTC data release showed spec funds in soybean futures and options cutting 18,861 contracts from their net short position as of April 23 to 149,014 contracts.... Read more

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Price Performance

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Period Period Low Period High Performance
1-Month
353.00 +3.29%
on 02/29/24
367.35 -0.75%
on 03/14/24
+11.60 (+3.29%)
since 02/26/24
3-Month
353.00 +3.29%
on 02/29/24
435.10 -16.20%
on 01/04/24
-70.50 (-16.20%)
since 12/26/23
52-Week
353.00 +3.29%
on 02/29/24
476.00 -23.40%
on 04/13/23
-92.50 (-20.24%)
since 03/24/23

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Soybeans Heading Higher to Start New Week

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 364.60
2nd Resistance Point 364.60
1st Resistance Point 364.60
Last Price 364.60s
1st Support Level 364.60
2nd Support Level 364.60
3rd Support Level 364.60

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52-Week High 476.00
Fibonacci 61.8% 429.01
Fibonacci 50% 414.50
Fibonacci 38.2% 399.99
Last Price 364.60s
52-Week Low 353.00

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