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Soybean Meal Jan '18 (ZMF18)

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Soybean Meal Futures Market News and Commentary

Soybeans Market News and Commentary

Soybean futures are currently 2 cents per bushel lower after settling with 12 to 13 cent losses in the front months on Thursday. Preliminary open interest dropped only 621 contracts, indicating rotation of ownership was the primary activity rather than long liquidation. March soy meal was down $4.10/ton, with soy oil 16 points lower. Soybeans showed some “buy the rumor, sell the fact” action following USDA confirmation of 1.13 MMT of export sales to China. The weekly Export Sales report (through December 6) indicated 792,269 MT of 18/19 soybeans were sold, within the range of pre-report estimates. That was down 11.1% from the week prior and 42.7% smaller than the same week in 2017. Shipments of soybeans totaled 1.147 MMT, 3.7% behind this week a year ago. Soybean meal sales totaled just 50,539 MT (a marketing year low), with soy oil at 5,928 MT.--provided by Brugler Marketing & Management

Contract Specifications

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Contract
Soybean Meal
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$1,595/1,450
First Notice Date
12/29/17
Expiration Date
01/12/18 (expired)

Seasonal Chart

Soybean Meal Jan '18
Average Price Chart for 5 Prior Jan Contracts

Commitment of Traders Positions as of Dec 4, 2018

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Commercials - Long / Short
227,707 (-14,584)
274,207 (-11,875)
Non-Commercials - Long / Short
88,793 (+239)
59,755 (-2,039)
Producers - Long / Short
125,591 (-15,124)
241,836 (-4,336)
Swap Dealers - Long / Short
76,491 (+5,926)
6,746 (-2,153)
Managed Money - Long / Short
50,168 (+577)
52,015 (-4,460)
Other Reportables - Long / Short
38,625 (-338)
7,740 (+2,421)
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Price Performance

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Period Period Low Period High Performance
1-Month
308.0 +0.58%
on 01/12/18
327.2 -5.32%
on 12/13/17
-14.9 (-4.59%)
since 12/12/17
3-Month
308.0 +0.58%
on 01/12/18
348.2 -11.03%
on 12/06/17
-18.5 (-5.64%)
since 10/12/17
52-Week
296.3 +4.56%
on 08/23/17
349.7 -11.41%
on 07/11/17
-11.5 (-3.58%)
since 01/12/17

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Soybeans Market News and Commentary

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 80% Sell with a Strongest short term outlook on maintaining the current direction.

Longer term, the trend strength is Average. Long term indicators mostly agree with the trend.

The market is approaching oversold territory. Be watchful of a trend reversal.

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Key Turning Points

2nd Resistance Point 311.1
1st Resistance Point 310.5
Last Price 309.8s
1st Support Level 308.6
2nd Support Level 307.3

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52-Week High 349.7
Fibonacci 61.8% 329.3
Fibonacci 50% 323.0
Fibonacci 38.2% 316.7
Last Price 309.8s
52-Week Low 296.3

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