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Soybean Meal Dec '19 (ZMZ19)

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Soybean Meal Futures Market News and Commentary

Soy Market Lower on Profit Taking

Soybean traders dropped the prices of the front months from 2 1/2 to 2 3/4 cents at the close on Friday. Soybean meal was also $0.80/ton lower, with 15 point losses in the soybean oil front month. The Commitment of Traders report showed managed money was more net short wk/wk to 92,172 contracts. Spec trader open interest was up 14,274 contracts with the majority as new shorts. On Tuesday, managed money was more net short in soybean meal as well. The OI was higher, and managed money meal traders were at their strongest net short on record, which is 68,150 contracts. Soybean oil spec traders were less long in the weekly update. There was new selling and long liquidation noted. USDA’s long-term projection estimates soybean planting acreage at 84 million for 2020, with the following years climbing to 86 million. They estimate a 3.46% increase to 20/21 soybean exports. Meal and oil exports are projected to decline in20/21 before picking back up in the long term. Prior to the NOPA report... 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
$1,122/1,020
First Notice Date
11/29/19
Expiration Date
12/13/19 (expired)

Seasonal Chart

Soybean Meal Dec '19
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Feb 11, 2020

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Commercials - Long / Short
265,609 (-1,749)
247,484 (-4,029)
Non-Commercials - Long / Short
84,895 (+3,913)
120,030 (+5,355)
Producers - Long / Short
143,511 (-291)
219,396 (-8,117)
Swap Dealers - Long / Short
98,346 (-2,455)
4,336 (+3,091)
Managed Money - Long / Short
42,321 (+1,706)
109,461 (+5,633)
Other Reportables - Long / Short
42,574 (+2,207)
10,569 (-278)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
290.5 +1.72%
on 12/02/19
307.9 -4.03%
on 11/18/19
-8.6 (-2.83%)
since 11/13/19
3-Month
290.5 +1.72%
on 12/02/19
313.9 -5.86%
on 10/14/19
-6.0 (-1.99%)
since 09/13/19
52-Week
290.5 +1.72%
on 12/02/19
336.0 -12.05%
on 06/18/19
-29.9 (-9.19%)
since 12/13/18

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The Barchart Technical Opinion rating is a 40% Sell with a Weakest short term outlook on maintaining the current direction.

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Key Turning Points

2nd Resistance Point 296.3
1st Resistance Point 295.9
Last Price 295.5s
1st Support Level 295.3
2nd Support Level 295.1

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52-Week High 336.0
Fibonacci 61.8% 318.6
Fibonacci 50% 313.3
Fibonacci 38.2% 307.9
Last Price 295.5s
52-Week Low 290.5

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