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Soybean Oil May '20 (ZLK20)

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Soybean Oil Futures Market News and Commentary

Soy Mixed at Fridays Close

Soybeans go into the weekend mixed as the front months May and July were higher, while the nearby Aug and Sept contracts were UNCH and lower. May beans were 19 cents higher Friday to Friday. Soybean meal futures closed the week $2.10/ ton lower, but posted a Friday gain of 20 cents/ton for May contracts. May bean oil futures closed with a 35 point gain, which added to the 121 point gain wk/wk. Private exporters reported a large export sale of 163,290 MT of soybeans to Mexico with a 19/20 MY delivery. In the weekly update from the CFTC, soybean spec traders were 2,444 contracts net short on 03/24. That is less short by 28,202 contracts wk/wk, from short covering. Soybean meal spec trading also saw short covering and was 22,999 contracts more net long. Managed money soybean oil traders flipped to net short on Tuesday, their net long lasted 27 weeks. Brazil has shipped 7.18 MMT this month so far. The Foreign Trade Department forecasts the month total at 9.5 MMT which would be a 12% inc... 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
$935/850
First Notice Date
04/30/20 (31 days)
Expiration Date
05/14/20 (45 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 +10.49%
on 03/18/20
30.16 -9.58%
on 03/05/20
-1.41 (-4.92%)
since 02/28/20
3-Month
24.68 +10.49%
on 03/18/20
35.94 -24.12%
on 01/02/20
-8.05 (-22.79%)
since 12/27/19
52-Week
24.68 +10.49%
on 03/18/20
35.94 -24.12%
on 01/02/20
-3.08 (-10.15%)
since 03/29/19

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Soy Mixed at Fridays Close

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% Sell with a Weakening 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 27.34
1st Resistance Point 27.10
Last Price 27.33
1st Support Level 26.47
2nd Support Level 26.08

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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 27.33
52-Week Low 24.68

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InsideFutures Commentary

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