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Soybean Oil May '20 (ZLK20)

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Soybean Oil Futures Market News and Commentary

Double Digit Drops for Beans

Soy trading through Wednesday’s midday has futures down by as much as 20 1/4 cents so far. Soymeal futures are another $5.10/ton lower in May contracts. Midday May soybean oil futures are down by 105 points. USDA’s Fats and Oils report is scheduled for release at 2 pm central. Estimates for the February soybean crush range 175 – 179 mbu, which would be the largest Feb crush on record, aided by Leap Day. Traders anticipate soybean oil stocks to be 2.075 to 2.400 billion lbs on Feb 29. The USDA survey estimates 83.51 MA of soybeans for the 2020/21 crop. March 1 soybean stocks were 2.253 bbu.

May 20 Soybeans are at $8.65 3/4, down 20 1/4 cents,

Jul 20 Soybeans are at $8.70, down 19 1/2 cents,

Aug 20 Soybeans are at $8.70 1/2, down 18 1/4 cents,

Sep 20 Soybeans are at $8.65 1/2, down 15 1/2 cents,

May 20 Soybean Meal is at $316.40, down $5.10

May 20 Soybean Oil is at $25.96, down $1.05

--- provided by Brugler Marketing & Management

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
$935/850
First Notice Date
04/30/20 (29 days)
Expiration Date
05/14/20 (43 days)

Seasonal Chart

Soybean Oil May '20
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Mar 24, 2020

View Chart Details
Commercials - Long / Short
264,676 (+4,481)
281,003 (+2,545)
Non-Commercials - Long / Short
65,687 (-1,989)
53,095 (-1,111)
Producers - Long / Short
147,932 (+7,289)
256,417 (+2)
Swap Dealers - Long / Short
100,821 (-3,844)
8,663 (+1,507)
Managed Money - Long / Short
41,283 (-2,832)
41,736 (-261)
Other Reportables - Long / Short
24,404 (+843)
11,359 (-850)
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Price Performance

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Period Period Low Period High Performance
1-Month
24.68 +5.55%
on 03/18/20
30.16 -13.63%
on 03/05/20
-2.63 (-9.17%)
since 02/28/20
3-Month
24.68 +5.55%
on 03/18/20
35.94 -27.52%
on 01/02/20
-9.01 (-25.70%)
since 12/31/19
52-Week
24.68 +5.55%
on 03/18/20
35.94 -27.52%
on 01/02/20
-4.51 (-14.76%)
since 04/01/19

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Sell with a Strongest short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 27.43
1st Resistance Point 26.74
Last Price 26.05s
1st Support Level 25.59
2nd Support Level 25.13

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52-Week High 35.94
Fibonacci 61.8% 31.64
Fibonacci 50% 30.31
Fibonacci 38.2% 28.98
Last Price 26.05s
52-Week Low 24.68

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