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Soybean Meal Mar '21 (ZMH21)

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Soybean Meal Futures Market News and Commentary

Soy Extended Losses on Friday

Soybean futures firmed up after double digit losses at midday, closing the Friday session down 3 1/4 to 9 cents. May soybean futures ended the week 1.76% above last Friday’s close, but a 3.9% gain from the end of January. The oldest long for March beans is October 7, 2020, with no delivery notices on FND. The cmdtyView national average soybean basis is 40 1/2 cents under March, compared to minus 44 cents at the same point last season. Soymeal prices were down $0.90 to $1.70 at the close to $421.40 for May. CME reported 7 soymeal delivery issues against March meal. Soybean oil futures head into the weekend near 50 cents following 13 to 38 point gains in the front months.

The weekly CoT report showed managed money soybean traders added 10k new longs on the week ending 2/23. That extended the net long 10,954 contracts to 172,364. Commercials extended their net short by 13,714 to 282,460 after closing more longs than shorts on the week. Total commercial OI was down 8% on the we... 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
$2,310/2,100
First Notice Date
02/26/21
Expiration Date
03/12/21 (12 days)

Seasonal Chart

Soybean Meal Mar '21
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Feb 23, 2021

View Chart Details
Commercials - Long / Short
190,568 (-8,480)
315,088 (-7,530)
Non-Commercials - Long / Short
112,186 (-333)
13,386 (-1,539)
Producers - Long / Short
96,679 (-4,253)
292,241 (-1,981)
Swap Dealers - Long / Short
79,205 (+405)
8,163 (-917)
Managed Money - Long / Short
76,312 (-441)
7,408 (-531)
Other Reportables - Long / Short
35,874 (+108)
5,978 (-1,008)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
417.0 +1.49%
on 02/26/21
443.7 -4.62%
on 02/09/21
-13.3 (-3.05%)
since 01/26/21
3-Month
377.8 +12.02%
on 12/08/20
471.4 -10.22%
on 01/13/21
+28.4 (+7.19%)
since 11/25/20
52-Week
288.5 +46.69%
on 04/27/20
471.4 -10.22%
on 01/13/21
+114.8 (+37.22%)
since 02/26/20

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 436.5
2nd Resistance Point 431.3
1st Resistance Point 427.3
Last Price 423.2s
1st Support Level 418.1
2nd Support Level 412.9
3rd Support Level 408.9

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52-Week High 471.4
Last Price 423.2s
Fibonacci 61.8% 401.5
Fibonacci 50% 380.0
Fibonacci 38.2% 358.4
52-Week Low 288.5

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