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Soybean Meal Oct '24 (ZMV24)

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Soybean Meal Futures Market News and Commentary

Soybeans Join the Thursday Rally, with Bean Oil Paving the Way

Soybeans were higher on Thursday led by the bean oil market, as the raw beans were up 3 to 9 ¾ cents at the close, led by the nearbys. The cmdtyView national average Cash Bean price was up 9 3/4 cents at $11.05 1/2.  Soymeal futures were 50 cents to $2.40 lower on the day, with Soy Oil futures 67 to 223 points higher in the front months. Crude oil couldn’t hold above the $80 level but were still up $4.23 on the day. 

Ahead of the Trump/Xi meeting later in March, Secretary Bessent has indicated he looking for China to expand puschases of US soybeans, accord to a WSJ article. 

The weekly Export Sales report from USDA showed 383,492 MT of soybeans sold in the week of 2/26. That was down 5.8% from the previous week, but 31.11% above the same week last year. China was the buyer of 153,100 MT, with 133,000 MT switched from unknown, as 133,000 MT was sold to the Netherlands and 110,400 MT to Egypt.

Soybean meal sales were pegged at 255,760 MT, sneaking into the range of 2... 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
09/30/24
Expiration Date
10/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Feb 24, 2026

View Chart Details
Commercials - Long / Short
255,813 (-27,278)
326,256 (+6,692)
Non-Commercials - Long / Short
124,174 (+14,792)
73,339 (-17,697)
Producers - Long / Short
131,432 (-20,548)
302,263 (+6,472)
Swap Dealers - Long / Short
114,282 (-5,835)
13,894 (+1,115)
Managed Money - Long / Short
90,506 (+16,693)
60,105 (-16,852)
Other Reportables - Long / Short
33,668 (-1,901)
13,234 (-845)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
314.0 +0.80%
on 10/10/24
354.1 -10.62%
on 10/01/24
-1.9 (-0.60%)
since 09/13/24
3-Month
295.7 +7.03%
on 08/14/24
354.1 -10.62%
on 10/01/24
+4.9 (+1.57%)
since 07/12/24
52-Week
295.7 +7.03%
on 08/14/24
416.5 -24.01%
on 11/08/23
-54.7 (-14.74%)
since 10/13/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 316.5
2nd Resistance Point 316.5
1st Resistance Point 316.5
Last Price 316.5s
1st Support Level 316.5
2nd Support Level 316.5
3rd Support Level 316.5

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52-Week High 416.5
Fibonacci 61.8% 370.4
Fibonacci 50% 356.1
Fibonacci 38.2% 341.8
Last Price 316.5s
52-Week Low 295.7

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