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Soybean Meal Jan '23 (ZMF23)

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Soybean Meal Futures Market News and Commentary

Soybean Rally Extending to Thursday’s Midday

Soybeans are trading with 15 to 17 cent gains in the front months on Thursday, with new crop November up 8 ¼ cents. The cmdtyView national average Cash Bean price is 15 3/4 cents higher at $10.43 3/4. Soymeal futures are $7.10 to $7.30 higher, with Soy Oil futures down 22 to 25 points in the nearbys.

The average close for November futures for February is used for determining the spring crop insurance price. Thus far the average close has been $10.81, above the $10.54 from last year.

Futures are extending Wednesday’s strength following President Trump seeking to raise the Chinese soybean commitments to 20 MMT for the current season, vs. the 12 MMT previous stated. 

USDA’s Export Sales report from this morning showed just 436,949 MT of soybeans sold in the week of 1/29, on the lower side of estimates of 0.4-1.6 MMT. That was down 46.65% from the previous week, but up 32.34% from the same week last year.

Soybean meal sales were tallied 380,335, in the middle of... 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 Jan 27, 2026

View Chart Details
Commercials - Long / Short
271,984 (-2,068)
280,053 (+14,262)
Non-Commercials - Long / Short
115,053 (+2,638)
123,347 (-11,858)
Producers - Long / Short
149,790 (-2,433)
261,796 (+10,889)
Swap Dealers - Long / Short
113,131 (-1,474)
9,194 (+1,534)
Managed Money - Long / Short
72,400 (+2,314)
108,202 (-4,690)
Other Reportables - Long / Short
42,653 (+324)
15,145 (-7,168)
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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Corn futures are trading with 5 to 5 ½ cents in the front months on Thursday, with new crop December up 3 cents. The CmdtyView national average Cash Corn price is up 5 cents at $4.01 1/4. Continued strength...

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Soybean Rally Extending to Thursday’s Midday

Soybeans are trading with 15 to 17 cent gains in the front months on Thursday, with new crop November up 8 ¼ cents. The cmdtyView national average Cash Bean price is 15 3/4 cents higher at $10.43 3/4....

ZSPAUS.CM : 10.4695 (+1.96%)
ZLH26 : 55.65s (-0.02%)
ZMH26 : 303.2s (+2.36%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1112-2s (+1.83%)
ZSK26 : 1126-0s (+1.92%)
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The wheat complex is trading with gains across the three markets on Thursday. Chicago SRW futures are 8 to 9 cents higher in the front months. KC HRW futures are 7 to 8 cents in the green at midday. MPLS...

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MWH26 : 5.7150s (+0.97%)
ZWH26 : 535-2s (+1.61%)
ZWK26 : 544-0s (+1.45%)
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May soybean futures present a buying opportunity on more price strength.

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There’s been a broader unwind across multiple asset classes over the last week. Ag markets have mostly shrugged it off. Will the eventually take notice?

Soybeans Extending Gains to Thursday Morning

Soybeans are trading with Thursday AM gains of 6 to 8 ½ cents in the front months as new crop November is steady. Futures were in rally mode following a mid-morning update from President Trump, as contracts...

ZSPAUS.CM : 10.4695 (+1.96%)
ZLH26 : 55.65s (-0.02%)
ZMH26 : 303.2s (+2.36%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1112-2s (+1.83%)
ZSK26 : 1126-0s (+1.92%)
Wheat Showing Slight Losses on Thursday Morning

Wheat is trading with fractional losses in most winter wheat contracts, as spring wheat is a penny higher The wheat complex was lower across the board on Wednesday. Chicago SRW futures were 1 to 2 cents...

KEK26 : 550-4s (+1.43%)
KEH26 : 538-4s (+1.56%)
MWH26 : 5.7150s (+0.97%)
ZWH26 : 535-2s (+1.61%)
ZWK26 : 544-0s (+1.45%)
Corn Slipping Lower to Start Thursday Trade

Corn price action is down fractionally to 1 ½ cents so far on Thursday morning. Futures ended the Wednesday session with contracts a penny to 2 cents higher across the front months. Preliminary open interest...

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 443-0s (+1.37%)
ZCH26 : 435-0s (+1.28%)
ZCPAUS.CM : 4.0170 (+1.37%)

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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