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Soybean Oil Jul '21 (ZLN21)

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Soybean Oil Futures Market News and Commentary

Soy Complex Mixed at Midday

The soy complex is mixed so far at midday, with double digit gains for the beans. Soybean futures are 1.25% to 1.39% higher for old crop. New crop prices are nearly 1% higher so far. Soymeal futures are firm but in the red at midday. BO futures are up triple digits led by a 187 point gain for July.

USDA’s Ag Attaché reduced their forecast for Argentine soybeans by 2.5 MMT to 45 MMT. USDA’s official April forecast was 47.5 MMT. For NMY the Ag Attaché sees a 100,000 HA area increase dedicated for soy production. Compounded with back to trend yields, that sets the preliminary 21/22 estimate for Argentine bean production at 51.5 MMT.

USDA’s Ag Attaché sees an increase in EU oilseed (soy, canola, sunflower, and cottonseed) area for 21/22, up almost 100k HA to 10.982 million – mostly canola and sunflower. That would increase production to 29.97 MMT and reduce oilseed imports by 1.4% yr/yr to 22.46 MMT. 

Trade estimates ahead of next Tuesday’s Stats... Read more

Contract Specifications

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Contract
Soybean Oil
Contract Size
60,000 pounds
Tick Size
0.01 points ($6.00 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$600
Margin/Maintenance
$1,870/1,700
First Notice Date
06/30/21 (70 days)
Expiration Date
07/14/21 (84 days)

Seasonal Chart

Soybean Oil Jul '21
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Apr 13, 2021

View Chart Details
Commercials - Long / Short
238,195 (+4,269)
350,264 (+3,414)
Non-Commercials - Long / Short
134,332 (-2,352)
39,229 (-2,752)
Producers - Long / Short
113,171 (+2,828)
326,394 (+4,847)
Swap Dealers - Long / Short
109,567 (+3,032)
8,413 (+158)
Managed Money - Long / Short
102,851 (+2,346)
23,650 (-2,049)
Other Reportables - Long / Short
31,481 (-4,698)
15,579 (-703)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
48.10 +18.69%
on 03/31/21
57.17 -0.14%
on 04/21/21
+5.59 (+10.85%)
since 03/19/21
3-Month
40.73 +40.17%
on 01/25/21
57.17 -0.14%
on 04/21/21
+14.94 (+35.44%)
since 01/21/21
52-Week
26.85 +112.63%
on 04/27/20
57.17 -0.14%
on 04/21/21
+29.40 (+106.18%)
since 04/21/20

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 58.17
2nd Resistance Point 56.98
1st Resistance Point 56.06
Last Price 57.09
1st Support Level 53.95
2nd Support Level 52.76
3rd Support Level 51.84

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52-Week High 57.17
Last Price 57.09
Fibonacci 61.8% 45.59
Fibonacci 50% 42.01
Fibonacci 38.2% 38.43
52-Week Low 26.85

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