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Soybean Meal Jul '24 (ZMN24)

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Soybean Meal Futures Market News and Commentary

Soybeans Faces Pressure on Tuesday, with Minimal USDA Updates

Soybeans posted Tuesday losses of 6 to 8 cents in the nearbys, as contracts pulled off lows into the close. The cmdtyView national average Cash Bean price was 4 3/4 cents lower at $10.18 1/4. Soymeal futures were 60 cents to $5.40 in the red, with Soy Oil futures 15 to 19 points lower. 

WASDE data was updated this morning, but nothing in the US side was adjusted. The World Ag Outlook Board decided to punt to the January report as both supply and demand was left stale and projected ending stocks were steady at 290 mbu. 

Over on the world side, few changes were noted, as South American production was steady. World stocks were raised by just 0.38 MMT to 122.37 MMT. 

An aged CFTC Commitment of Traders report showed another 60,194 contracts added to the managed money net long position as of November 4, taking it to 178,683 contracts. The two week move was 143,354 contracts to the long side, the largest 2-week bull move on record. 

Brazilian soybean exports during... 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
06/28/24
Expiration Date
07/12/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Nov 4, 2025

View Chart Details
Commercials - Long / Short
319,478 (-16,582)
364,749 (+28,249)
Non-Commercials - Long / Short
143,403 (+10,245)
114,558 (-33,773)
Producers - Long / Short
201,836 (-14,213)
347,451 (+27,376)
Swap Dealers - Long / Short
105,457 (-1,135)
5,113 (+2,107)
Managed Money - Long / Short
98,448 (+17,518)
94,147 (-37,927)
Other Reportables - Long / Short
44,955 (-7,273)
20,411 (+4,154)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
357.2 +3.16%
on 06/20/24
388.9 -5.25%
on 07/05/24
+8.3 (+2.30%)
since 06/12/24
3-Month
336.4 +9.54%
on 04/18/24
391.3 -5.83%
on 05/28/24
+24.4 (+7.09%)
since 04/12/24
52-Week
326.7 +12.79%
on 02/29/24
434.2 -15.13%
on 11/08/23
-6.6 (-1.76%)
since 07/12/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 376.2
2nd Resistance Point 374.6
1st Resistance Point 371.6
Last Price 368.5s
1st Support Level 367.0
2nd Support Level 365.4
3rd Support Level 362.4

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52-Week High 434.2
Fibonacci 61.8% 393.1
Fibonacci 50% 380.4
Last Price 368.5s
Fibonacci 38.2% 367.8
52-Week Low 326.7

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