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Soybean Meal May '20 (ZMK20)

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Soybean Meal Futures Market News and Commentary

Soy Market Trading Lower at Midday

Midday trading in the soy market has May beans 7 1/2 cents lower, while the other front months are trading with 4 to 6 1/2 cent losses. Soymeal futures are down by $8.50/ton in May. Bean oil futures are up by 20 points. NASS revised February soybean crush to 175.26 mbu, 6.3 mbu lower than the number released on Wednesday. That is still a record for the month. Official soybean exports for the month of Feb were 101.37 mbu, down 4.5% from January but 10.17% higher yr/yr. The BA Grain Exchange lowered their forecast for Argentine soybeans to 49.5 MMT citing lower than expected yields. Brazil shipped 11.64 MMT of beans in March, which was a 35.5% boost from March ’19. FCStone projects Brazilian soybean output at 120.1 MMT, which is a 4 MMT cut from last month citing unfavorably hot and dry conditions.

May 20 Soybeans are at $8.51 1/4, down 7 1/2 cents,

Jul 20 Soybeans are at $8.57 1/2, down 6 1/2 cents,

Aug 20 Soybeans are at $8.59 3/4, down 5 3/... 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
$1,375/1,250
First Notice Date
04/30/20 (27 days)
Expiration Date
05/14/20 (41 days)

Seasonal Chart

Soybean Meal May '20
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Mar 24, 2020

View Chart Details
Commercials - Long / Short
228,445 (-6,247)
304,743 (+17,419)
Non-Commercials - Long / Short
85,448 (+2,178)
26,562 (-16,987)
Producers - Long / Short
106,687 (-4,980)
276,285 (+19,483)
Swap Dealers - Long / Short
103,960 (+3,773)
10,660 (+2,976)
Managed Money - Long / Short
57,298 (+3,409)
17,127 (-19,949)
Other Reportables - Long / Short
28,150 (-1,231)
9,435 (+2,962)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
295.6 +2.57%
on 03/17/20
336.3 -9.84%
on 03/24/20
-6.9 (-2.23%)
since 03/03/20
3-Month
290.7 +4.30%
on 02/24/20
336.3 -9.84%
on 03/24/20
-2.0 (-0.66%)
since 01/03/20
52-Week
290.7 +4.30%
on 02/24/20
336.6 -9.92%
on 06/04/19
-19.6 (-6.07%)
since 04/03/19

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Barchart Technical Opinion

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

Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 315.6
1st Resistance Point 309.4
Last Price 303.2s
1st Support Level 298.1
2nd Support Level 293.0

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52-Week High 336.6
Fibonacci 61.8% 319.1
Fibonacci 50% 313.7
Fibonacci 38.2% 308.2
Last Price 303.2s
52-Week Low 290.7

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InsideFutures Commentary

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