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Soybean Oil Jul '23 (ZLN23)

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Soybean Oil Futures Market News and Commentary

Soybeans Pulled Higher by Meal, Nearby July up 20 Cents for the Week

Soybeans settled 2 to 8 ¾ higher on Friday, with some bull spreading getting nearby July briefly above $12.50. Soymeal was a main reason for the strength, as front month contracts were up $6.70 to $9.80/ton.  Soy Oil was weaker gokng home for the 3 day holiday weekend, down 24 to 48 points. 

Export Sales data has the total export commitments for old crop soybeans at 42.882 MMT, which is 93% of USDA’s export forecast, 6% behind the average pace. Shipments accumulated for the year are on par with the average pace, at 85% of the forecast total. Total sales for new crop beans have totaled just 955,887 MT, down 49.7% from a year ago, as China has yet to be in for any new crop.

Weekly Commitment of Traders data tallied spec funds in soybean futures and option cutting back another 16,239 contracts from their net short position during the week of May 21. That took them to a net short 26,426 contracts. Commercials saw an increase to their net short by 20,289 contracts to -65,706... 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
$1,980/1,800
First Notice Date
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

Soybean Oil Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of May 21, 2024

View Chart Details
Commercials - Long / Short
290,085 (+1,635)
259,247 (+17,978)
Non-Commercials - Long / Short
109,680 (+377)
145,958 (-13,877)
Producers - Long / Short
146,266 (+1,805)
242,088 (+15,538)
Swap Dealers - Long / Short
129,560 (-2,372)
2,900 (+238)
Managed Money - Long / Short
62,633 (-2,835)
107,249 (-16,967)
Other Reportables - Long / Short
47,047 (+3,212)
38,709 (+3,090)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
53.13 +27.78%
on 06/22/23
70.00 -3.01%
on 07/13/23
+11.93 (+21.32%)
since 06/14/23
3-Month
44.53 +52.46%
on 05/31/23
70.00 -3.01%
on 07/13/23
+14.12 (+26.26%)
since 04/14/23
52-Week
44.53 +52.46%
on 05/31/23
70.00 -3.01%
on 07/13/23
+13.03 (+23.75%)
since 07/14/22

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Soybeans Pulled Higher by Meal, Nearby July up 20 Cents for the Week

Soybeans settled 2 to 8 ¾ higher on Friday, with some bull spreading getting nearby July briefly above $12.50. Soymeal was a main reason for the strength, as front month contracts were up $6.70 to $9.80/ton....

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Grain Spreads: Meal Plan

Soymeal Leads Complex

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 67.89
2nd Resistance Point 67.89
1st Resistance Point 67.89
Last Price 67.89s
1st Support Level 67.89
2nd Support Level 67.89
3rd Support Level 67.89

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52-Week High 70.00
Last Price 67.89s
Fibonacci 61.8% 60.27
Fibonacci 50% 57.26
Fibonacci 38.2% 54.26
52-Week Low 44.53

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