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Soybean Meal May '23 (ZMK23)

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Soybean Meal Futures Market News and Commentary

Soybeans Slipping Back on Thursday Morning

Soybeans are down 1 to 2 cents to start the Thursday session. Futures were in rally mode on Wednesday, with contracts closing 10 to 11 cents higher in the front months. Open interest was up 4,067 contracts. The cmdtyView national average Cash Bean price was 11 1/2 cents higher at $9.94 3/4. Soymeal futures were $3.70 to $6.80 higher, with Soy Oil futures 8 to 18 points lower on the day. There were 142 deliveries issued against January soybeans overnight, with 70 issued for bean oil.

USDA is officially back to a normal Export Sales release schedule, as analysts are expecting to see between 0.75-1.3 MMT of 2025/26 soybeans sold for export in the week of 1/1. Sales for 2026/27 are seen in a 0-300,000 MT range. Soybean meal bookings are estimated to total 100,000-350,000 MT, with 0-30,000 MT seen for soybean oil.

Crop Production data will be released on Monday, with the annual report expected to show the final 2025 soybean yield estimate at 52.7 bpa. Production is pegged at... 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
$1,705/1,550
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 Dec 30, 2025

View Chart Details
Commercials - Long / Short
257,601 (-7,617)
266,356 (-14,753)
Non-Commercials - Long / Short
105,952 (-8,516)
108,326 (-2,655)
Producers - Long / Short
140,485 (-6,481)
248,769 (-13,026)
Swap Dealers - Long / Short
107,450 (+1,000)
7,921 (+409)
Managed Money - Long / Short
69,840 (+4,203)
83,034 (-871)
Other Reportables - Long / Short
36,112 (-12,719)
25,292 (-1,784)
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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Shootin' the Bull about no secrets

It appears no one is left that doesn't know how difficult of a profit margin position the cattle feeder, and producers as a whole, have placed themselves into.

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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