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Soybean Meal May '24 (ZMK24)

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Soybean Meal Futures Market News and Commentary

Soybeans Bounce into the Weekend

Soybean posted stronger trade action on Friday as contracts rallied 10 to 15 cents into the close. They still posted some weakness this week as May lost 11 cents and November was down 8 ½ cents. Soymeal futures were up $5.40 to $8.20/ton in the nearbys.  Soy Oil continued to be a drag on the complex this week, with 26 point losses in the front months.

A private export sale of 124,000 MT of soybeans to unknown destinations was reported this morning for old crop shipment. Fresh NOPA data will be out on Monday for March with the trade expecting 197.79 mbu of beans crushed among members during the months. Soy oil stocks are pegged at 1.792 billion lbs. 

Chinese Soybean imports in March totaled 5.54 MMT, a drop of 20% from the same month last year and a 4-year low for the month. The first quarter total was 18.58 MMT, the lowest since 2020. 

Brazil’s soybean production estimate from Safras & Mercado was back up 2.65 MMT from their previous number at 151.25 MMT. That is i... 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
$2,090/1,900
First Notice Date
04/30/24 (15 days)
Expiration Date
05/14/24 (29 days)

Seasonal Chart

Soybean Meal May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Apr 9, 2024

View Chart Details
Commercials - Long / Short
223,332 (-12,487)
220,386 (+8,511)
Non-Commercials - Long / Short
90,980 (-1,975)
113,042 (-18,350)
Producers - Long / Short
121,886 (-3,485)
210,848 (+17,375)
Swap Dealers - Long / Short
96,094 (-43)
4,186 (+95)
Managed Money - Long / Short
70,801 (+4,460)
93,575 (-13,324)
Other Reportables - Long / Short
20,179 (-6,435)
19,467 (-5,026)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
325.1 +4.86%
on 04/03/24
347.6 -1.93%
on 03/21/24
+6.2 (+1.85%)
since 03/15/24
3-Month
323.2 +5.48%
on 02/29/24
369.2 -7.67%
on 01/17/24
-20.1 (-5.57%)
since 01/12/24
52-Week
323.2 +5.48%
on 02/29/24
435.9 -21.79%
on 11/08/23
-52.7 (-13.39%)
since 04/14/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 358.4
2nd Resistance Point 351.7
1st Resistance Point 348.1
Last Price 340.8
1st Support Level 337.8
2nd Support Level 331.1
3rd Support Level 327.5

See More

52-Week High 435.9
Fibonacci 61.8% 392.8
Fibonacci 50% 379.5
Fibonacci 38.2% 366.3
Last Price 340.8
52-Week Low 323.2

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