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Soybean Meal Mar '18 (ZMH18)

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cmdty Insider - Soybean Meal Market Commentary

Tue Oct 16, 5:05PM CDT
Soybean futures gave back some of Monday’s gains on Turnaround Tuesday, down 6 to 7 cents. Nearby soy meal was down $4.70/ton, with soy oil 10 points lower. Forecasts for the next week are dry for most of the Corn Belt, helping to get things dried out and allowing harvest to progress. NASS reported harvest as of Sunday was well behind normal with WCB states making very little progress over the past week. Progress in IA and MN is lagging by 31% with NE down 16% and the Dakotas well below normal, while IL is 5% faster than normal and IN up 2%. Condition ratings saw significant declines in IA (-10%), MO (-11%), ND (10%), and OH (-9%), with NE down 5% and MN 3 points lower.Nov 18 Soybeans closed at $8.84 3/4, down 6 3/4 cents,Jan 19 Soybeans closed at $8.99 1/4, down 6 1/2 cents,Mar 19 Soybeans closed at $9.11 1/2, down 6 1/2 cents,Jul 19 Soybeans closed at $9.34 3/4, down 6 3/4 cents,Dec 18 Soybean Meal closed at $322.30, down $4.70,Dec 18 Soybean Oil closed at $29.66, down $0.10--provided by Brugler Marketing & Management (402) 289-2330

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
02/28/18
Expiration Date
03/14/18 (expired)

Seasonal Chart

Daily chart Soybean Meal Mar '18
Average price for the 5 prior Mar contracts

Commitment of Traders Positions as of Oct 9, 2018

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Commercials - Long / Short
241,563 (-9,632)
335,797 (+6,954)
Non-Commercials - Long / Short
122,545 (+5,573)
43,582 (-8,262)
Producers - Long / Short
134,273 (-4,687)
300,950 (+8,109)
Swap Dealers - Long / Short
78,591 (-1,532)
6,148 (+2,258)
Managed Money - Long / Short
77,066 (+4,517)
38,426 (-7,315)
Other Reportables - Long / Short
45,479 (+1,056)
5,156 (-947)
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Price Performance

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Period Period Low Period High Performance
1-Month
368.3 unch
on 03/14/18
399.7 -7.86%
on 03/02/18
-1.6 (-0.43%)
since 02/14/18
3-Month
310.3 +18.69%
on 01/12/18
399.7 -7.86%
on 03/02/18
+42.7 (+13.11%)
since 12/14/17
52-Week
298.4 +23.42%
on 06/23/17
399.7 -7.86%
on 03/02/18
+42.7 (+13.11%)
since 03/14/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 32% Buy with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Average. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 378.7
1st Resistance Point 373.5
Last Price 368.3s
1st Support Level 365.7
2nd Support Level 363.1

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52-Week High 399.7
Last Price 368.3s
Fibonacci 61.8% 361.0
Fibonacci 50% 349.0
Fibonacci 38.2% 337.1
52-Week Low 298.4

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