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Soybean Meal Jan '24 (ZMF24)

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Soybean Meal Futures Market News and Commentary

Soybeans Trading with Friday Gains

Soybeans futures are trading with contracts 3 to 8 cents higher as nearby May is down 1 ½ cents.  The cmdtyView national average Cash Bean price is up 9 cents at $11.32 1/4. Soymeal futures are steady to $1.70 lower, with Soy Oil futures up 22 to 42 points. There were 367 soybean delivery notices overnight, with another 712 issued against May soybean oil and still no for bean meal.

EIA data showed soybean oil used for biodiesel at 1.058 million lbs in February. That was a 7 month high for bean oil use and 44.34% of the overall feedstock in biodiesel/renewable biodiesel. 

USDA’s monthly Fats & Oils report will be published later this afternoon, with traders looing for March crush to total 231.1 million bushels. Soybean oil stocks are seen at 2.555 billion lbs. 

USDA’s weekly Export Sales report from Thursday has total soybean commitments at 38.776 MMT, an 18% decline from the same week last year. That was also 93% of the USDA export number and 4 percentage points be... 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
12/29/23
Expiration Date
01/12/24 (expired)

Seasonal Chart

Soybean Meal Jan '24
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
351.3 unch
on 01/12/24
413.5 -15.04%
on 12/18/23
-59.0 (-14.38%)
since 12/12/23
3-Month
351.3 unch
on 01/12/24
460.6 -23.73%
on 11/15/23
-37.9 (-9.74%)
since 10/12/23
52-Week
351.3 unch
on 01/12/24
460.6 -23.73%
on 11/15/23
-56.7 (-13.90%)
since 01/12/23

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Fats and Oils

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Live Cattle & Feeders On The Run, New Targets

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

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Shootin' the Bull about skating on thin ice

All industry participants spread themselves thinner in projected negative margins between sectors traded, as spreads between beef and cattle widened, and from weight class to weight class.

Wheat Trading Mostly Higher at Midday

The wheat complex is showing mostly modest gains on Friday. Chicago SRW futures are mixed, with May down 3 ½ cents and other contracts up 1 to 2 cents. There were 312 delivery notices against May CBT...

KEN26 : 694-4s (+0.14%)
KEK26 : 682-4s (+0.66%)
MWK26 : 7.0450s (+1.40%)
ZWK26 : 624-4s (+0.12%)
ZWN26 : 637-6s (+0.16%)
Corn Posting Gains to Round Out the Week

Corn futures are trading with contracts up 5 to 7 ¼ cents across most contracts on Friday. The CmdtyView national average Cash Corn price is higher on the day to $4.41 ¾. USDA reported a private export...

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ZCPAUS.CM : 4.3878 (+1.64%)
Soybeans Trading with Friday Gains

Soybeans futures are trading with contracts 3 to 8 cents higher as nearby May is down 1 ½ cents. The cmdtyView national average Cash Bean price is up 9 cents at $11.32 1/4. Soymeal futures are steady...

ZSPAUS.CM : 11.3683 (+1.21%)
ZLN26 : 75.16s (+0.83%)
ZMN26 : 319.3s (+0.13%)
ZSPX26US.CM : 11.1700 (+1.05%)
ZSX26 : 1182-6s (+0.83%)
ZSK26 : 1187-6s (+0.49%)
ZSN26 : 1203-2s (+0.65%)
What Can the CFTC Do About It?

There are more calls for the CFTC to step in and start regulating all the new "trading" (aka gambling) taking place in markets these days. The problem is the Commission's hands are tied.

NGM26 : 2.789 (+0.80%)
ZWN26 : 637-6s (+0.16%)
Wheat Trading with Friday AM Gains

Wheat is mostly higher on Friday morning, with the nearby May thin and in-deliveries. The wheat complex posted some profit taking on Thursday, with all three markets facing pressure. Chicago SRW futures...

KEN26 : 694-4s (+0.14%)
KEK26 : 682-4s (+0.66%)
MWK26 : 7.0450s (+1.40%)
ZWK26 : 624-4s (+0.12%)
ZWN26 : 637-6s (+0.16%)
Soybeans Posting Friday AM Strength

Soybeans are extending higher on Friday morning, with contracts up 3 to 4 cents. Futures bounced off early session lows on Thursday to close with contracts down ¼ to 1 ½ cents in old crop contracts and...

ZSPAUS.CM : 11.3683 (+1.21%)
ZLN26 : 75.16s (+0.83%)
ZMN26 : 319.3s (+0.13%)
ZSPX26US.CM : 11.1700 (+1.05%)
ZSX26 : 1182-6s (+0.83%)
ZSK26 : 1187-6s (+0.49%)
ZSN26 : 1203-2s (+0.65%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 368.8
2nd Resistance Point 365.3
1st Resistance Point 358.3
Last Price 351.3s
1st Support Level 347.8
2nd Support Level 344.3
3rd Support Level 337.3

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52-Week High 460.6
Fibonacci 61.8% 418.8
Fibonacci 50% 406.0
Fibonacci 38.2% 393.1
Last Price 351.3s
52-Week Low 351.3

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