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Soybean Meal Dec '19 (ZMZ19)

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Soybean Meal Futures Market News and Commentary

Soybean Complex Sees Dead Cat Bounce Overnight

Soy futures are 41 to 51 cents higher this morning, reversing part of Thursdays triple digit decline in a classic dead cat bounce. Expanded limits are again in place, as soybean oil futures were lock limit down with 550 point losses yesterday. The CME also increased margin requirements in an attempt to dampen volatility. Soybean bears utilized the expanded $1.50 per day limits yesterday, closing $0.83 3/4 to $1.18 3/4 in the red. Preliminary OI data showed a net decrease of 12,050 contracts, confirming the sharp selloff was primarily long liquidation. Soymeal futures closed Thursday $15.90 to $17.70 weaker. 

USDA reported 65,282 MT of old crop beans sold during the week ending 6/10. For new crop bean sales, USDA reported just 6,500 MT of net new business. Outstanding forward sales are still 36% ahead of the pace at this time last year, with 7.56 MMT on the book. China accounts for more than 40% of that. 

Soymeal sales for 2020/21 delivery were 177,342 MT for the week tha... 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
$3,300/3,000
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 Jun 8, 2021

View Chart Details
Commercials - Long / Short
208,229 (+2,370)
291,598 (+5,047)
Non-Commercials - Long / Short
88,799 (+2,349)
28,377 (-2,537)
Producers - Long / Short
109,806 (+877)
276,900 (+5,081)
Swap Dealers - Long / Short
88,022 (+1,480)
4,297 (-47)
Managed Money - Long / Short
46,666 (+2,054)
20,673 (-3,584)
Other Reportables - Long / Short
42,133 (+295)
7,704 (+1,047)
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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Soybeans - Return to Trendline Target **1282 ** on Day & Week Charts ** Bullish Scenario

Sell the relief rallies. Will go just below the 200 day moving average. ** A case for the bulls! **

Bean Oil - 61.8% Fibonacci Target and Pitchfork Median Line

Daily chart - July Contract Target ~ 44 --- 61.8% Fibonacci.

Soybean Meal - Nearing Trendline Target

Isn't this fun!

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 296.3
1st Resistance Point 295.9
Last Price 295.5s
1st Support Level 295.3
2nd Support Level 295.1
3rd Support Level N/A

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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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