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Soybean Meal Jan '23 (ZMF23)

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Soybean Meal Futures Market News and Commentary

Soybeans Slipping Back After Hitting Fresh New Crop Highs Overnight

Soybeans are showing 3 to 5 cent losses on Thursday morning, pulling back from overnight strength, which saw November hit a new high for the move at $11.78. Futures rounded out the Wednesday trade with most contracts up 2 ¼ to 9 ¼ cents, led by the old crop contracts. Some back months were fractionally to 2 cents lower. The cmdtyView national average Cash Bean price was up 10 cents at $11.25. Soymeal futures were down 40 cents to $5.40, with Soy Oil futures up 87 to 193 points. There were no soybean or soybean meal delivery notices on first notice day, with 400 issued against May soybean oil.

The weekly Export Sales report from USDA will be out shortly, with traders looking for 2025/26 business at 200,000-600,000 MT during the week of April 23. New crop sales are seen at 0-50,000 MT. Soybean meal sales are seen at 150,000 to 400,000 MT, with bean oil seen between net cancellations of 10,000 MT to sales of 12,000 MT.

Planting progress should continue over the next week wi... Read more

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
$1,705/1,550
First Notice Date
12/30/22
Expiration Date
01/13/23 (expired)

Seasonal Chart

Soybean Meal Jan '23
Average Price Chart for 5 Prior Jan Contracts

Commitment of Traders Positions as of Apr 21, 2026

View Chart Details
Commercials - Long / Short
275,402 (+27,896)
434,421 (+13,656)
Non-Commercials - Long / Short
186,789 (-11,837)
50,334 (+3,923)
Producers - Long / Short
139,204 (+21,812)
406,656 (+14,666)
Swap Dealers - Long / Short
126,617 (+6,188)
18,184 (-906)
Managed Money - Long / Short
143,899 (-9,108)
25,836 (+4,385)
Other Reportables - Long / Short
42,890 (-2,729)
24,498 (-462)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
446.0 +15.02%
on 12/19/22
516.6 -0.70%
on 01/13/23
+60.7 (+13.42%)
since 12/13/22
3-Month
395.0 +29.87%
on 10/19/22
516.6 -0.70%
on 01/13/23
+106.1 (+26.08%)
since 10/13/22
52-Week
364.1 +40.90%
on 01/25/22
516.6 -0.70%
on 01/13/23
+132.6 (+34.86%)
since 01/13/22

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Grain Spreads: The Most Undervalued

New Crop Meal Plan

Shootin' the Bull about abnormalities in the industry

There are multiple abnormalities taking place within the industry that are expected to continue to reshape it.

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 519.0
2nd Resistance Point 517.8
1st Resistance Point 515.4
Last Price 513.0s
1st Support Level 511.8
2nd Support Level 510.6
3rd Support Level 508.2

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52-Week High 516.6
Last Price 513.0s
Fibonacci 61.8% 458.3
Fibonacci 50% 440.3
Fibonacci 38.2% 422.4
52-Week Low 364.1

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