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Soybean Meal May '18 (ZMK18)

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cmdty Insider - Soybean Meal Market Commentary

Tue Oct 23, 4:55PM CDT
Soybean futures closed Tuesday with most contracts 1 to 1 1/2 cents lower. Front month soy meal was down $2.10/ton, with soy oil 39 points lower. On Monday, NASS showed that harvest progress was made in the WCB last week, but most states are still more double digits behind normal. Conditions ratings in IA and IN were down 1 with SD and NE 2 lower. They rebounded 12 points in ND and 5 points in MN, with IL up 3 on the week. As of Monday evening, DTN reported the national cash average index for soybeans at $7.58 3/4, putting the national average basis at -99 3/4 cents (20 3/4 cents below last year). Safras and Mercado estimate that the Brazilian soybean crop is 27.5% planted as of last Friday, with the average at 17.7%.Nov 18 Soybeans closed at $8.57 1/2, down 1 cent,Jan 19 Soybeans closed at $8.71, down 1 1/2 cents,Mar 19 Soybeans closed at $8.84 1/4, down 1 1/2 cents,Jul 19 Soybeans closed at $9.09 1/4, down 1 cent,Dec 18 Soybean Meal closed at $310.70, down $2.10,Dec 18 Soybean Oil closed at $28.76, down $0.39--provided by Brugler Marketing & Management, Call (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
04/30/18
Expiration Date
05/14/18 (expired)

Seasonal Chart

Soybean Meal May '18
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Oct 16, 2018

View Chart Details
Commercials - Long / Short
241,953 (+390)
341,674 (+5,877)
Non-Commercials - Long / Short
123,043 (+498)
40,701 (-2,881)
Producers - Long / Short
133,709 (-564)
306,589 (+5,639)
Swap Dealers - Long / Short
80,156 (+1,565)
6,997 (+849)
Managed Money - Long / Short
76,756 (-310)
34,733 (-3,693)
Other Reportables - Long / Short
46,287 (+808)
5,968 (+812)
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Price Performance

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Period Period Low Period High Performance
1-Month
369.5 +5.49%
on 04/24/18
404.9 -3.73%
on 05/02/18
+7.0 (+1.83%)
since 04/13/18
3-Month
358.0 +8.88%
on 03/20/18
404.9 -3.73%
on 05/02/18
+14.3 (+3.81%)
since 02/15/18
52-Week
299.6 +30.11%
on 06/23/17
404.9 -3.73%
on 05/02/18
+74.8 (+23.75%)
since 05/15/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 40% Buy with a Weakening short term outlook on maintaining the current direction.

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

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Key Turning Points

2nd Resistance Point 391.3
1st Resistance Point 390.6
Last Price 389.8s
1st Support Level 388.3
2nd Support Level 386.7

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52-Week High 404.9
Last Price 389.8s
Fibonacci 61.8% 364.7
Fibonacci 50% 352.3
Fibonacci 38.2% 339.8
52-Week Low 299.6

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