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Soybean Meal May '22 (ZMK22)
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Soybean Meal Futures Market News and Commentary

Meal Fades as Friday Beans and Oil Bounce

The soy market settled the last trade day of the week mixed with beans and soy oil higher to lower meal. The November soybean contract was 2 ½ cents higher at the close, but still under the $13 mark. Nov beans fell a net 44 cents for the week. Soymeal futures were down $2.10 to $2.50/ton for the day, ending the week with a $5.40 drop. Soybean Oil futures closed 114 to 122 points higher on the day, rounding out the week on a net 253 point loss for the October contract. USDA reported the cash B100 prices as $6.15 in IL and $4.85/gal in MN – both UNCH for the week. 

CFTC’s weekly Commitment of Traders update showed managed money was 45,832 contracts net long in soybeans on 9/19. That was a 28k contract weaker net long through the week given major long liquidation. The commercial soybean hedgers added 26k new long hedges and took their net short down to 115,152 contracts. Spec traders were also closing meal longs through the week, reducing their net long by 6.3k contracts to 55.9k... 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
$2,970/2,700
First Notice Date
04/29/22
Expiration Date
05/13/22 (expired)

Seasonal Chart

Soybean Meal May '22
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Sep 12, 2023

View Chart Details
Commercials - Long / Short
189,177 (+10,947)
296,432 (+6,012)
Non-Commercials - Long / Short
109,513 (-403)
21,230 (+4,064)
Producers - Long / Short
94,784 (+10,030)
291,730 (+6,634)
Swap Dealers - Long / Short
90,290 (+899)
599 (-640)
Managed Money - Long / Short
76,466 (-1,013)
14,370 (+1,889)
Other Reportables - Long / Short
33,047 (+610)
6,860 (+2,175)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
397.2 +2.32%
on 05/12/22
473.0 -14.08%
on 04/21/22
-51.8 (-11.31%)
since 04/13/22
3-Month
397.2 +2.32%
on 05/12/22
494.7 -17.85%
on 03/25/22
-47.6 (-10.48%)
since 02/11/22
52-Week
318.2 +27.72%
on 10/13/21
494.7 -17.85%
on 03/25/22
+22.4 (+5.83%)
since 05/13/21

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The front month wheat futures ended the day firmer following Thursday’s drop. Chicago prices were up 3 ¾ to 5 cents into the weekend, as Dec ended a net 24 ¾ cents lower wk/wk. KC wheats settled fractionally...

ZWZ23 : 579-4s (+0.65%)
ZWH24 : 606-4s (+0.71%)
ZWPAES.CM : 4.9221 (+0.80%)
KEZ23 : 711-2s (unch)
KEPAWS.CM : 6.3950 (+0.27%)
MWZ23 : 770-4s (+0.39%)
Corn Closes with 2c Gains on Friday

Corn futures ended the day back near their highs with 2 to 2 ¾ cent gains through the front months. December printed a 4 ¼ cent range for the day, and closed with a net penny gain for the week. The...

ZCZ23 : 477-2s (+0.42%)
ZCPAUS.CM : 4.4979 (+0.81%)
ZCH24 : 492-2s (+0.46%)
ZCK24 : 501-0s (+0.50%)
Meal Fades as Friday Beans and Oil Bounce

The soy market settled the last trade day of the week mixed with beans and soy oil higher to lower meal. The November soybean contract was 2 ½ cents higher at the close, but still under the $13 mark....

ZMZ23 : 385.8s (-0.59%)
ZLZ23 : 59.62s (+2.09%)
ZSX23 : 1296-2s (+0.19%)
ZSPAUS.CM : 12.3224 (+0.25%)
ZSF24 : 1313-4s (+0.21%)
ZSH24 : 1324-6s (+0.19%)
Shootin' the Bull about the Fed's agenda

In my opinion, a shift was felt in the financial and commodity markets this week.  As the Fed is tasked with lowering inflation, and rates believed the main tool of impact, the most recent bout of inflation...

Wheats in Black so far for Friday

The front month wheat futures market is trading in the black, but off the session highs. Chicago SRW futures are currently 2 to 3 cents higher, though Dec is 4 ½ cents off the high and trading mid-range....

ZWZ23 : 579-4s (+0.65%)
ZWH24 : 606-4s (+0.71%)
ZWPAES.CM : 4.9221 (+0.80%)
KEZ23 : 711-2s (unch)
KEPAWS.CM : 6.3950 (+0.27%)
MWZ23 : 770-4s (+0.39%)
Beans Off Highs for Midday

Soybeans are still trading in the black through midday, but the front months have faded back from their earlier recovery. November dropped 6 cents from the session high and is now back below the $13 mark....

ZMZ23 : 385.8s (-0.59%)
ZLZ23 : 59.62s (+2.09%)
ZSX23 : 1296-2s (+0.19%)
ZSPAUS.CM : 12.3224 (+0.25%)
ZSF24 : 1313-4s (+0.21%)
ZSH24 : 1324-6s (+0.19%)
Friday Corn Fractionally Mixed

Midday corn prices are firm for Friday with the board working fractionally on either side of UNCH. USDA’s National Weekly Ethanol report had cash ethanol prices mostly 7 to 10c higher for the week from...

ZCZ23 : 477-2s (+0.42%)
ZCPAUS.CM : 4.4979 (+0.81%)
ZCH24 : 492-2s (+0.46%)
ZCK24 : 501-0s (+0.50%)
Why wheat and soybean prices have been in bear markets

Jim's video explains the role that teleconnections play in global grain weather. He also addresses the seasonal probability factors at play.

ZWZ23 : 579-4s (+0.65%)
WEAT : 5.80 (+0.87%)
ZSX23 : 1296-2s (+0.19%)
SOYB : 27.26 (+0.11%)
AM Corn Prices Firming

Corn futures are fractionally firmer to 1 ½ cents in the black following the Thursday drop. Front month corn prices ended the Thursday session with 6 ¼ to 7 ¼ cent losses. Preliminary open interest...

ZCZ23 : 477-2s (+0.42%)
ZCPAUS.CM : 4.4979 (+0.81%)
ZCH24 : 492-2s (+0.46%)
ZCK24 : 501-0s (+0.50%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 406.4
2nd Resistance Point 406.4
1st Resistance Point 406.4
Last Price 406.4s
1st Support Level 406.4
2nd Support Level 406.4
3rd Support Level 406.4

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52-Week High 494.7
Fibonacci 61.8% 427.3
Fibonacci 50% 406.5
Last Price 406.4s
Fibonacci 38.2% 385.6
52-Week Low 318.2

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