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Soybean Meal May '23 (ZMK23)
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Soybean Meal Futures Market News and Commentary

Soybean Futures Continuing Rally

Following a strong Monday showing, soy futures are another 5 to 9 1/2 cents higher in Tuesday morning activity.  At the close on Monday, the front months were 14 to 15 3/4 cents higher. Soymeal futures turned around in the afternoon and ended the day $0.20 to $1.60/ton higher. BO prices closed up by 126 to 131 points on Monday.  

Weekly Inspections data showed 888,707 MT of soybeans were exported during the week that ended 3/23. That was up from 720k MT last week and was 41% above the same week last year. The accumulated exports reached 44.95 MMT as of 3/23 – compared to 43.47 MMT last year. 

Patria Agronegocios reported the Brazilian soy harvest reached 71% of expected area. That trails last year’s 77% pace. 

Ahead of the quarterly Grain Stocks report on Friday, analysts expect NASS will show 1.728 bbu March 1 soy stocks. The range of estimates is from 1.6 billion to 1.91 billion bushels. Last season’s count was 1.932 bbu. 

Going into the Prospective Plantin... 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
$2,310/2,100
First Notice Date
04/28/23 (31 days)
Expiration Date
05/12/23 (45 days)

Seasonal Chart

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

Commitment of Traders Positions as of Mar 21, 2023

View Chart Details
Commercials - Long / Short
157,931 (+8,282)
308,345 (-17,380)
Non-Commercials - Long / Short
155,660 (-22,593)
22,317 (+1,785)
Producers - Long / Short
67,387 (+5,986)
305,083 (-15,141)
Swap Dealers - Long / Short
88,978 (+4,160)
1,696 (-375)
Managed Money - Long / Short
129,396 (-19,463)
14,733 (-847)
Other Reportables - Long / Short
26,264 (-3,130)
7,584 (+2,632)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
435.0 +4.00%
on 03/24/23
498.0 -9.16%
on 03/07/23
-14.7 (-3.15%)
since 02/28/23
3-Month
435.0 +4.00%
on 03/24/23
498.0 -9.16%
on 03/07/23
-1.0 (-0.22%)
since 12/28/22
52-Week
373.1 +21.25%
on 07/05/22
498.0 -9.16%
on 03/07/23
+54.5 (+13.70%)
since 03/28/22

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Soybean Futures Continuing Rally

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ZCN23 : 629-0 (unch)
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Falling board crush combined with a record-setting Brazilian export program

Discover how HTS Commodities can assist with your risk management or investment requirements. Contact Scott Strand Direct 612-486-4624 | scott.strand@hilltopsecurities.com

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ZWK23 : 701-2 (+0.47%)
ZWN23 : 712-6 (+0.46%)
ZWPAES.CM : 6.4248 (+1.48%)
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ZCK23 : 647-6 (unch)
ZCPAUS.CM : 6.5217 (-0.14%)
ZCN23 : 629-0 (unch)
ZCU23 : 578-4 (unch)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 457.0
2nd Resistance Point 452.3
1st Resistance Point 449.1
Last Price 452.4
1st Support Level 441.2
2nd Support Level 436.5
3rd Support Level 433.3

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52-Week High 498.0
Last Price 452.4
Fibonacci 61.8% 450.3
Fibonacci 50% 435.5
Fibonacci 38.2% 420.8
52-Week Low 373.1

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