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Soybean Meal Jan '20 (ZMF20)

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Soybean Meal Futures Market News and Commentary

Beans Down Double Digits

Midday bean trading has futures a dime to 15 cents weaker. Soymeal sales are $7.50/ton lower. BO futures are down 29 to 34 points in the front months. Palm oil futures in Malaysia are lower for the fourth day in row after hitting 8 month highs. The weekly Export Sales report from USDA showed 3.195 MMT of beans were booked on the week ending 9/17. The trade was looking for 2-3 MMT with 1.609 MMT already announced. The report included an additional 565,100 MT of sales to China that were not part of the previous daily announcements. Total commitments to China are 54.14% of the total through the first 3 weeks of the MY. The report had 28.5k MT of 19/20 meal bookings, and 294.7k MT for 2020/21. Forward meal bookings are even with last year’s pace at 12.109 MMT. For soybean oil, USDA reported 20.4k MT booked for 2020/21 delivery. Current MY BO sales were 4,374 MT, which need shipped before October 1. Accumulated shipments are 1.19 MMT, up 50% yr/yr with 2 weeks of data left.

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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. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$1,100/1,000
First Notice Date
12/31/19
Expiration Date
01/14/20 (expired)

Seasonal Chart

Soybean Meal Jan '20
Average Price Chart for 5 Prior Jan Contracts

Commitment of Traders Positions as of Sep 15, 2020

View Chart Details
Commercials - Long / Short
225,222 (+3,927)
317,709 (+13,291)
Non-Commercials - Long / Short
96,667 (+2,189)
27,197 (-4,068)
Producers - Long / Short
122,495 (+591)
290,590 (+9,791)
Swap Dealers - Long / Short
86,721 (-617)
11,113 (-453)
Managed Money - Long / Short
64,386 (+6,261)
22,237 (-5,551)
Other Reportables - Long / Short
32,281 (-4,072)
4,960 (+1,483)
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Price Performance

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Period Period Low Period High Performance
1-Month
294.5 +0.92%
on 01/09/20
303.7 -2.14%
on 12/18/19
+0.3 (+0.10%)
since 12/13/19
3-Month
292.6 +1.57%
on 12/02/19
314.3 -5.44%
on 10/22/19
-13.2 (-4.25%)
since 10/15/19
52-Week
292.6 +1.57%
on 12/02/19
337.4 -11.91%
on 06/18/19
-26.1 (-8.07%)
since 01/15/19

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Key Turning Points

2nd Resistance Point 301.9
1st Resistance Point 299.5
Last Price 297.2s
1st Support Level 296.0
2nd Support Level 294.9

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52-Week High 337.4
Fibonacci 61.8% 320.3
Fibonacci 50% 315.0
Fibonacci 38.2% 309.7
Last Price 297.2s
52-Week Low 292.6

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