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Soybean Meal May '18 (ZMK18)

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Soybean Meal Futures Market News and Commentary

Soybean Market Pressured by Losses in the Grains

Soybean futures settled with 6 3/4 cent losses in all 2019 contracts on Wednesday. Spillover from the grains pressured the market lower. Meal futures were 60 cents/ton lower, with May soy oil 14 points in negative territory. May options expire on Friday. Old crop soybean export bookings are seen at 300,000-700,000 MT in tomorrow’s Export Sales report, with 0-50,000 MT for new crop. Canadian Canola acreage is expected to be down 6.6% from last year at 21.314 million acres, based off Stats Canada data released this morning. That was expected heading into today. Soybean acreage is also seen down 10.7% yr/yr at 5.64 million acres. Weakness in the Brazilian Real vs. the dollar was also seen as pressure on Wednesday. May 19 Soybeans closed at $8.55 1/4, down 6 3/4 cents, Jul 19 Soybeans closed at $8.68 3/4, down 6 3/4 cents, Aug 19 Soybeans closed at $8.74 3/4, down 6 3/4 cents, Nov 19 Soybeans closed at $8.89 1/2, down 6 3/4 cents, May 19 Soybean Meal closed at $300.40, down $0.60, May 19 Soybean Oil closed at $27.92, down $0.14 --provided by Brugler Marketing & Management

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
$1,320/1,200
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 Apr 16, 2019

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Commercials - Long / Short
216,951 (+4,201)
240,473 (+899)
Non-Commercials - Long / Short
87,253 (+895)
75,870 (+2,939)
Producers - Long / Short
129,944 (+491)
212,006 (-657)
Swap Dealers - Long / Short
67,859 (+1,356)
9,319 (-798)
Managed Money - Long / Short
53,687 (+572)
64,296 (+3,779)
Other Reportables - Long / Short
33,566 (+323)
11,574 (-840)
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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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Can SoyMeal Hold Soybeans?

Can SoyMeal Hold Soybeans?

Stay Short Soybeans !

Going lower

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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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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