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Soybean Oil May '18 (ZLK18)

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cmdty Insider - Soybean Oil Market Commentary

Tue Oct 16, 7:26AM CDT
Soybean futures are currently 7 cents lower on Turnaround Tuesday profit taking after jumping 22 to 24 cents higher on Monday. They got bullish news from a slow harvest, large September NOPA crush and exports picking up. Surprisingly, preliminary open interest rose only 2,422 contracts despite the large price move. Nearby soy meal was up $10.10/ton, with soy oil 37 points higher. Soybean export inspections in the week that ended on 10/11 were 1.158 MMT. That was more than double the previous week but down 35.18% from the same week in 2017. Monday morning’s NOPA report showed that members crushed 160.779 mbu of soybeans during September. That was 17.86% larger than last year. September soy oil stocks were 1.531 billion pounds and 5.68% lower than August. USDA reported harvest 38% complete, with the normal pace at 53% for this date. Condition ratings for soybeans were 2% lower at 66% gd/ex and down 4 on the Brugler500 at 370. Some WCB states showed significant declines, such as MO and IA.--provided by Brugler Marketing & Management (402) 289-2330

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. (Sun-Fri) CST
Exchange
CBOT
Point Value
$600
Margin/Maintenance
$550/500
First Notice Date
04/30/18
Expiration Date
05/14/18 (expired)

Seasonal Chart

Daily price change for Soybean Oil May '18
Average price change for the 5 prior May contracts

Commitment of Traders Positions as of Oct 9, 2018

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Commercials - Long / Short
254,435 (-6,637)
258,182 (+2,565)
Non-Commercials - Long / Short
110,424 (-4,668)
115,468 (-11,873)
Producers - Long / Short
124,367 (-5,068)
233,161 (+4,468)
Swap Dealers - Long / Short
112,215 (+1,933)
7,168 (+1,599)
Managed Money - Long / Short
59,756 (-2,442)
100,134 (-12,473)
Other Reportables - Long / Short
50,668 (-2,226)
15,334 (+600)
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Price Performance

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Period Period Low Period High Performance
1-Month
29.95 +3.91%
on 05/01/18
31.58 -1.46%
on 04/16/18
-0.36 (-1.14%)
since 04/13/18
3-Month
29.95 +3.91%
on 05/01/18
32.96 -5.58%
on 02/26/18
-0.78 (-2.45%)
since 02/15/18
52-Week
29.95 +3.91%
on 05/01/18
36.56 -14.88%
on 09/07/17
-2.68 (-7.93%)
since 05/15/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% Sell with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Weak. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 31.17
1st Resistance Point 31.14
Last Price 31.12s
1st Support Level 31.09
2nd Support Level 31.07

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52-Week High 36.56
Fibonacci 61.8% 34.03
Fibonacci 50% 33.26
Fibonacci 38.2% 32.48
Last Price 31.12s
52-Week Low 29.95

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