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Soybean Meal Mar '23 (ZMH23)

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Soybean Meal Futures Market News and Commentary

Soymeal Rallies into Weekend

The soymeal market rallied to new contract highs again on Friday, as the beans and soy oil dropped into the weekend. Soybean futures closed fractionally in the red for new crop, but 1 1/2 to 2 1/4 cents lower in old crop. Soybean oil futures faded by triple digits on the last trade day of the week. USDA saw the MN cash B100 market 15 cents higher through the week at $5.70/gal. 

Commitment of Traders data will be delayed as announced. 

USDA reported a private export sale for 132k MT of new crop soybeans to unknown destinations this morning. 

The Buenos Aires Grains Exchange reported 46% of their soy crop was in poor or very poor condition, which is improved from 54% last week. 

Brokerage StoneX revised their Brazilian soy production estimate as yields in Mato Grosso offset weaker production in the South. Their new forecast is for a 154.2 MMT crop, compared to 153.8 MMT in their prior projection. Brazil reported January’s soybean exports were 851,878 MT, down f... 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
$2,750/2,500
First Notice Date
02/28/23 (24 days)
Expiration Date
03/14/23 (38 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jan 24, 2023

View Chart Details
Commercials - Long / Short
138,088 (+13,539)
307,096 (-3,586)
Non-Commercials - Long / Short
168,470 (-12,601)
18,685 (+3,964)
Producers - Long / Short
55,362 (+8,163)
299,488 (-4,790)
Swap Dealers - Long / Short
78,486 (+3,741)
3,368 (-431)
Managed Money - Long / Short
144,524 (-10,346)
7,800 (+5,333)
Other Reportables - Long / Short
23,946 (-2,255)
10,885 (-1,369)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
452.8 +9.65%
on 01/23/23
500.4 -0.78%
on 02/03/23
+31.4 (+6.75%)
since 01/03/23
3-Month
394.5 +25.86%
on 11/10/22
500.4 -0.78%
on 02/03/23
+97.2 (+24.34%)
since 11/03/22
52-Week
374.3 +32.65%
on 07/05/22
500.4 -0.78%
on 02/03/23
+115.9 (+30.45%)
since 02/03/22

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Livestock Report

Cattle makes new high while Feeders drift

Red Close for Friday Wheat Market

Wheat prices ended the last trade day of the week with losses. Chicago wheat futures gave back 2 1/2 to 4 1/4 cents across the front months on Friday. KC HRW prices settled with 7 1/2 to 8 cent losses...

ZWH23 : 756-6s (-0.56%)
ZWK23 : 768-2s (-0.49%)
ZWPAES.CM : 6.9568 (-0.65%)
KEH23 : 873-0s (-0.88%)
KEPAWS.CM : 8.3979 (-0.85%)
MWH23 : 921-4s (-0.35%)
Soymeal Rallies into Weekend

The soymeal market rallied to new contract highs again on Friday, as the beans and soy oil dropped into the weekend. Soybean futures closed fractionally in the red for new crop, but 1 1/2 to 2 1/4 cents...

ZSH23 : 1532-0s (-0.15%)
ZSPAUS.CM : 14.9070 (-0.19%)
ZSK23 : 1525-4s (-0.15%)
ZSN23 : 1516-4s (-0.13%)
Corn Prices Close with Gains

Friday corn futures ended the day with fractional to 2 1/4 cent gains. For the week, March corn was 5 1/2 cents lower but Dec corn was up by 8 3/4 cents. That has the discount to new crop at 81 1/2 cents...

ZCH23 : 677-4s (+0.33%)
ZCPAUS.CM : 6.8043 (+0.33%)
ZCK23 : 675-4s (+0.26%)
ZCN23 : 664-6s (+0.26%)
Shootin' the Bull about employment

In my opinion, the divide between reality and optimism continues to grow.  Optimism leading the way this week as futures pushed higher in both fats and feeders.  Reality seemingly just sitting still....

No Bull | Seeing Double

Tripp got to dress up like a literary character at school yesterday. He decided to repurpose the (gigantic) Case IH combine Valentine’s Day box he constructed last year and throw on some bibs and a flannel...

ZCH23 : 677-4s (+0.33%)
Wheat Prices Fading on Friday

The midday wheat market is working in the red so far but prices are off their lows. CBT SRW futures are down 4 to 5 cents at midday. KC prices are working 7 cents in the red so far. Spring wheat futures...

ZWH23 : 756-6s (-0.56%)
ZWK23 : 768-2s (-0.49%)
ZWPAES.CM : 6.9568 (-0.65%)
KEH23 : 873-0s (-0.88%)
KEPAWS.CM : 8.3979 (-0.85%)
MWH23 : 921-4s (-0.35%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 515.3
2nd Resistance Point 507.8
1st Resistance Point 502.2
Last Price 496.5s
1st Support Level 489.1
2nd Support Level 481.6
3rd Support Level 476.0

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52-Week High 500.4
Last Price 496.5s
Fibonacci 61.8% 452.2
Fibonacci 50% 437.4
Fibonacci 38.2% 422.5
52-Week Low 374.3

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