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Soybean Oil Jul '19 (ZLN19)

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Soybean Oil Futures Market News and Commentary

Beans Higher at Midday

Soybeans are up 4 1/2 cents at midday. Soymeal futures are down another $2.30/ton in May. May bean oil futures are up 81 points to provide the product value. The national average soybean basis from cmdtyView is 44.43 cents. That is still 50% stronger than the same time last year. Pre-report estimates ahead of Thursday’s USDA update show traders anticipate a 6 mbu increase to bean ending stocks. Analysts also anticipate the USDA revising the 19/20 forecast for soybean exports lower to 1.804 bbu. Traders anticipate on average a 300k MT hike to Brazil’s soybean output, but a 400k MT cut to Argentina’s output. Soybeans exported for the week ending April 02 from the US totaled 10.9 mbu. Accumulated shipments were 5.7% above last year’s pace with 1.172 bbu shipped on the MY.

May 20 Soybeans are at $8.60, up 4 1/2 cents,

Jul 20 Soybeans are at $8.65 1/2, up 4 1/4 cents,

Aug 20 Soybeans are at $8.68 1/4, up 4 1/4 cents,

Sep 20 Soybeans ar... 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
06/28/19
Expiration Date
07/12/19 (expired)

Seasonal Chart

Soybean Oil Jul '19
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Mar 31, 2020

View Chart Details
Commercials - Long / Short
270,101 (+5,425)
277,875 (-3,128)
Non-Commercials - Long / Short
60,914 (-4,773)
56,893 (+3,798)
Producers - Long / Short
156,799 (+8,867)
251,454 (-4,963)
Swap Dealers - Long / Short
95,220 (-5,601)
8,339 (-324)
Managed Money - Long / Short
38,916 (-2,367)
43,931 (+2,195)
Other Reportables - Long / Short
21,998 (-2,406)
12,962 (+1,603)
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Price Performance

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Period Period Low Period High Performance
1-Month
27.42 +2.52%
on 07/05/19
28.72 -2.12%
on 06/21/19
+0.55 (+2.00%)
since 06/12/19
3-Month
26.21 +7.25%
on 05/13/19
29.32 -4.13%
on 04/15/19
-1.17 (-4.00%)
since 04/12/19
52-Week
26.21 +7.25%
on 05/13/19
31.60 -11.04%
on 02/07/19
-1.80 (-6.02%)
since 07/12/18

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Beans Higher at Midday

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 8% Buy with a Strengthening short term outlook on maintaining the current direction.

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Key Turning Points

2nd Resistance Point 28.15
1st Resistance Point 28.13
Last Price 28.11s
1st Support Level 28.07
2nd Support Level 28.03

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52-Week High 31.60
Fibonacci 61.8% 29.54
Fibonacci 50% 28.90
Fibonacci 38.2% 28.27
Last Price 28.11s
52-Week Low 26.21

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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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