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Soybean Meal May '23 (ZMK23)

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Soybean Meal Futures Market News and Commentary

Soybeans Holds Higher Ahead of 3-day Weekend

Soybeans found some support heading into the long weekend, as cotnracts were up 5 to 7 cents in the nearby contracts on Friday. March was down 13 ½ cents on the week. The national front month The national front month Cash Bean price from cmdtyView was 6 cents higher at $9.75 1/2. Soymeal futures were up $2.70/ton, with Soy Oil futures back down 4 points so far on the session. The markets will be closed on Monday for President’s Day, with a normal open for the Tuesday session.

The large managed money spec funds in soybean futures and options were slashing their net long position as of February 11 by 28,554 contracts. They cut that fresh net long by nearly half to just 28,475 contracts on that Tuesday.

NOPA data will be released on Tuesday (delayed due to the holiday), with traders expecting to see 204.54 MMT for January crush totals, up 10.1% from last year total if realized. Soy oil stocks are estimated at 1.289 billion lbs. 

Mar 25 Soybeans  closed at $10.36, up 6... 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
Expiration Date
05/12/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Feb 11, 2025

View Chart Details
Commercials - Long / Short
294,109 (-3,279)
298,517 (-14,384)
Non-Commercials - Long / Short
102,087 (-1,072)
116,054 (+12,204)
Producers - Long / Short
160,978 (+83)
281,875 (-8,926)
Swap Dealers - Long / Short
116,741 (+1,029)
252 (-1,067)
Managed Money - Long / Short
57,512 (-1,064)
102,333 (+12,276)
Other Reportables - Long / Short
44,575 (-8)
13,721 (-72)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
415.0 +3.16%
on 05/11/23
471.1 -9.13%
on 04/18/23
-32.1 (-6.98%)
since 04/12/23
3-Month
415.0 +3.16%
on 05/11/23
498.0 -14.04%
on 03/07/23
-52.1 (-10.85%)
since 02/10/23
52-Week
373.1 +14.74%
on 07/05/22
498.0 -14.04%
on 03/07/23
+43.8 (+11.40%)
since 05/12/22

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 430.0
2nd Resistance Point 429.0
1st Resistance Point 428.6
Last Price 428.1s
1st Support Level 427.2
2nd Support Level 426.2
3rd Support Level 425.8

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52-Week High 498.0
Fibonacci 61.8% 450.3
Fibonacci 50% 435.5
Last Price 428.1s
Fibonacci 38.2% 420.8
52-Week Low 373.1

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