Soybean Meal Dec '21 (ZMZ21)
Soybean Meal Futures Market News and Commentary
The Friday soy market was mixed at the close, as a late session rally in meal helped mitigate the sharp BO drop. Soybeans closed the last trade day of the week with 17 to 35 1/2 cent losses. New crop futures were firmer. Soybean oil futures ended at least 300 points lower, and July closed just off the limit. Meal futures ended the day with $1.70 to $2/ton gains. The CME Synthetic Soy Crush spread was marginally higher at 71 1/2 cents per bushel.
Wire service reports indicate that Delta Airlines (which owns a refinery) has halted buying RIN’s, thought to be in anticipation of an easing of blend requirements. Other reports suggest that Congressmen in states with refineries have been pushing for RFS waivers after previously criticizing the Trump administration for issuing same.
The weekly CoT report showed soybean spec traders were 2,695 contracts more net long in beans through the week ending 6/8. That net new buying left the group 141,483 contracts net long. In meal, C... Read more
- Wheat harvest underway - Sidwell Strategies
Wheat harvest underway
- Soybeans Weaken 30 Cents
The Friday soy market was mixed at the close, as a late session rally in meal helped mitigate the sharp BO drop. Soybeans closed the last trade day of...
- Wheat Firmed but Still Closes Red
Midday wheat losses were faded in the afternoon session, limiting the day’s loss. CBT futures recovered to close 3 to 4 1/4 cents weaker in the front...
- Corn Closes in Red
Corn futures head into the weekend with 5 1/4 to 14 1/2 cent losses on Friday. July futures were the weakest on the day, reducing the inverse to 74.75...
- Shootin' the Bull
The screams are louder from producers buying feeder steers and selling fats as the negative profit margin is eating them alive.
- Soybean Head & Shoulders Target ~ 1312
July Chart. Neckline breakdown is at 1490. Summer target 1312.