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Soybean Meal May '24 (ZMK24)

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Soybean Meal Futures Market News and Commentary

Soybeans Down on Thursday

Soybean futures are trading with midday losses of 4 to 7 cents across the front months. Soymeal continues to weigh on the market, with losses of $4.70/ton. Soy Oil is also lower on Thursday, with July down 4 points.

The 7-day QPF from NOAA is calling for rains across much of the US growing region over the next week, which won’t benefit anyone with empty fields but will help the over 2/3 of the US crop already planted. 

Export Sales data is delayed until Friday morning due to the Monday holiday. The trade is calling for 200,000-400,000 MT in old crop bean sales for the week of 5/23, with 0-150,000 MT for new crop. Meal sales are expected to be between 100,000-410,000 MT in total, with bean oil from net reductions of 5,000 to 20,000 MT in sales.

Jul 24 Soybeans  are at $12.09 1/2, down 4 1/2 cents,

Nearby Cash  is at $11.50 1/1, down 4 3/8 cents,

Aug 24 Soybeans  are at $12.08 3/4, down 5 cents,

Nov 24 Soybeans  are at $11.91, down 5 3/4 cents,

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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
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 21, 2024

View Chart Details
Commercials - Long / Short
172,662 (-4,223)
288,601 (+2,346)
Non-Commercials - Long / Short
153,997 (+3,386)
64,723 (-3,103)
Producers - Long / Short
78,179 (-5,036)
277,342 (+1,273)
Swap Dealers - Long / Short
89,551 (+378)
6,327 (+638)
Managed Money - Long / Short
135,321 (+3,235)
31,085 (+1,974)
Other Reportables - Long / Short
18,676 (+151)
33,638 (-5,077)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
335.2 +8.47%
on 04/16/24
381.9 -4.79%
on 05/07/24
+19.2 (+5.57%)
since 04/12/24
3-Month
323.2 +12.50%
on 02/29/24
381.9 -4.79%
on 05/07/24
+27.1 (+8.05%)
since 02/14/24
52-Week
323.2 +12.50%
on 02/29/24
435.9 -16.59%
on 11/08/23
-15.5 (-4.09%)
since 05/12/23

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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 364.7
2nd Resistance Point 364.1
1st Resistance Point 363.9
Last Price 363.6s
1st Support Level 363.1
2nd Support Level 362.5
3rd Support Level 362.3

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52-Week High 435.9
Fibonacci 61.8% 392.8
Fibonacci 50% 379.5
Fibonacci 38.2% 366.3
Last Price 363.6s
52-Week Low 323.2

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