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Soybean Oil Dec '22 (ZLZ22)

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Soybean Oil Futures Market News and Commentary

Beans Fading Thus Far for Thursday

So far, soy futures are weaker after a 4 day bounce. Beans are UNCH to 5 3/4 cents lower so far. Soybeans gained double digits on Wednesday. Nov was up the most with a 1.08% gain of 15 3/4 cents. Open interest continues to shrink for beans, down 12,365 contracts on Wednesday. All of that was in July, however. Soymeal futures were $7.80 to $9.60 higher on the day. Soybean oil prices ended the day with 35 to 51 point gains. Today is FND for July futures and the market will be closed on Monday for the Independence Day holiday. 

Analysts surveyed ahead of the NASS data expect on average soybean stocks will be 954 mbu. That would be a 24% increase yr/yr if realized. The full range of estimates is to see between 740 mbu and 1.1 bbu in the report. For acreage, trader responses ranged from a 1.76m acre cut March to June to a 1.42m acre bump. The average trade guess is to see 90.6m acres of 22/23 soybeans were planted. 

Pre-report export sales estimates are looking for old crop s... 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
$3,080/2,800
First Notice Date
11/30/22 (153 days)
Expiration Date
12/14/22 (167 days)

Seasonal Chart

Soybean Oil Dec '22
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Jun 21, 2022

View Chart Details
Commercials - Long / Short
205,007 (+6,992)
282,876 (-2,240)
Non-Commercials - Long / Short
96,861 (-5,212)
29,331 (+656)
Producers - Long / Short
110,952 (+8,323)
268,370 (-3,039)
Swap Dealers - Long / Short
85,131 (-1,332)
5,582 (+798)
Managed Money - Long / Short
68,304 (-10,943)
17,168 (+269)
Other Reportables - Long / Short
28,557 (+5,731)
12,163 (+387)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
63.09 +4.41%
on 06/24/22
79.29 -16.93%
on 06/08/22
-9.29 (-12.36%)
since 05/27/22
3-Month
62.53 +5.34%
on 04/01/22
79.29 -16.93%
on 06/08/22
+0.30 (+0.46%)
since 03/30/22
52-Week
50.97 +29.23%
on 12/15/21
79.29 -16.93%
on 06/08/22
+8.12 (+14.06%)
since 06/30/21

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It's the last trading day of the month/quarter and there's a plethora of news to go along with it.

Corn Red This Morning

Corn prices are 4 1/4 to 7 cents lower so far for report day. Today is also FND for the July contract with the oldest long (but likely no deliveries) to be announced after the close. Yesterday, front month...

ZCN22 : 764-0 (-0.81%)
ZCPAUS.CM : 7.3645 (-1.61%)
ZCU22 : 651-0 (-1.96%)
ZCZ21 : 588-6s (+0.77%)
ZCPZ21US.CM : 5.7930 (-0.49%)
Beans Fading Thus Far for Thursday

So far, soy futures are weaker after a 4 day bounce. Beans are UNCH to 5 3/4 cents lower so far. Soybeans gained double digits on Wednesday. Nov was up the most with a 1.08% gain of 15 3/4 cents. Open...

ZSN22 : 1658-6 (-0.93%)
ZSPAUS.CM : 15.8523 (-1.09%)
ZSQ22 : 1559-0 (-0.80%)
ZSX21 : 1234-0s (+1.79%)
ZSPX21US.CM : 12.3270 (+1.90%)
Wheat Mostly Lower into Report Day

Wheat futures are mostly red this morning into the Thursday session. The July KC contract is holding onto gains. Front month SRW futures were 4 1/2 to 6 cents lower on the day, and MPLS futures fell 6...

ZOZ22 : 495-0 (-2.56%)
ZWN22 : 907-2 (-0.90%)
ZWPAES.CM : 8.5424 (-0.92%)
KEN22 : 985-0 (unch)
KEPAWS.CM : 9.4004 (+0.27%)
MWN22 : 1016-6 (-0.27%)
MWU22 : 1017-4 (-1.07%)
Morning Comments; Thursday, June 30th, 2022

Trade Awaits USDA Data

TFM Sunrise Update Jun30, 2022

The CME and Total Farm Marketing offices will be closed Monday, July 4, 2022, in observance of Independence Day CORN Corn futures were traded lower overnight ahead of this today's Quarterly Grain Stocks...

My Thoughts on Thursday's USDA Reports

Though I'm sure you are aware of the low regard I hold USDA reports in general, the concept of the periodic release of imaginary numbers remains fascinating.

ZCN22 : 764-0 (-0.81%)
ZSN22 : 1658-6 (-0.93%)
ZSPAUS.CM : 15.8523 (-1.09%)
Grains, Soybean Meal long term target achieved

As you can see on the chart below Thursday's low held 38.2% at 423.00 and a $40 rally followed

ZMN22 : 461.0 (-0.47%)
ZSN22 : 1658-6 (-0.93%)
ZCN22 : 764-0 (-0.81%)
ZWN22 : 907-2 (-0.90%)
ZWZ22 : 939-0 (-0.53%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 70.08
2nd Resistance Point 68.92
1st Resistance Point 67.95
Last Price 65.87
1st Support Level 65.82
2nd Support Level 64.66
3rd Support Level 63.69

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52-Week High 79.29
Fibonacci 61.8% 68.47
Last Price 65.87
Fibonacci 50% 65.13
Fibonacci 38.2% 61.79
52-Week Low 50.97

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