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Soybean Jul '23 (ZSN23)
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Soybean Futures Market News and Commentary

New Crop Beans Higher Before Report Day

Soybean prices ended Thursday with 10 1/2 to 12 1/2 cent gains into the report day. July was left out, ending only 2 1/2 cents higher. Soybean oil futures rallied the most on Thursday with 2.8% to 4% gains on the day. Soymeal faded with $1.20 to $1.30 front month losses. 

Canadian Canola Prices were $7 higher on the day after seeing the lowest prices since August of 2021 last week.

Ahead of the monthly S&D update, traders expect USDA to increase old crop bean carryout by 6.4 mbu. The average of trade guesses for new crop is also 6 mbu higher via the expected carry-in. Survey respondents averaged a 500k MT increase for Brazil’s crop, but are looking for a larger cut to Argentina. Old crop bean stocks are estimated 400k MT tighter on the world stage. 

Weekly Export Sales data showed 207,236 MT of old crop soybeans were sold for the week that ended 6/1. That was near the high end of estimates and was a 5-wk high. New crop sales were 264,590 MT for the week, led by Chi... Read more

Contract Specifications

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Contract
Soybean
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 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
$50
Margin/Maintenance
$2,860/2,600
First Notice Date
06/30/23 (21 days)
Expiration Date
07/14/23 (35 days)

Seasonal Chart

Soybean Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of May 30, 2023

View Chart Details
Commercials - Long / Short
360,791 (+9,767)
364,953 (+11,525)
Non-Commercials - Long / Short
132,301 (-6,386)
102,487 (-6,995)
Producers - Long / Short
238,895 (+12,439)
324,014 (+8,155)
Swap Dealers - Long / Short
104,024 (-4,785)
23,067 (+1,257)
Managed Money - Long / Short
79,311 (-6,591)
77,073 (-8,119)
Other Reportables - Long / Short
52,990 (+205)
25,414 (+1,124)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
1270-6 +7.65%
on 05/31/23
1418-2 -3.54%
on 05/10/23
-46-2 (-3.27%)
since 05/09/23
3-Month
1270-6 +7.65%
on 05/31/23
1504-0 -9.04%
on 03/13/23
-130-6 (-8.72%)
since 03/09/23
52-Week
1270-6 +7.65%
on 05/31/23
1558-6 -12.24%
on 06/10/22
-191-4 (-12.28%)
since 06/09/22

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Most Recent Stories

More News
Double Digit Wheat Rally ahead of Report Day

Wheat futures gained back double digits on Thursday. Minneapolis spring wheat led the way with 21 cent gains of as much as 2.7%. That left the July contract at a net 8 cent gain for the week. KC HRW futures...

ZWN23 : 618-6 (-1.20%)
ZWU23 : 632-2 (-1.06%)
ZWPAES.CM : 5.7651 (+1.71%)
KEN23 : 790-6 (-1.74%)
KEPAWS.CM : 7.6552 (+2.31%)
MWN23 : 805-0 (-1.32%)
New Crop Beans Higher Before Report Day

Soybean prices ended Thursday with 10 1/2 to 12 1/2 cent gains into the report day. July was left out, ending only 2 1/2 cents higher. Soybean oil futures rallied the most on Thursday with 2.8% to 4% gains...

RSX23 : 655.60 (-0.11%)
ZSN23 : 1368-0 (+0.35%)
ZSPAUS.CM : 13.3647 (+0.29%)
ZSQ23 : 1284-4 (+0.41%)
ZSU23 : 1205-4 (+0.27%)
Thursday Gains in Corn Market

Corn settled the Thursday session up by 1 1/2 to 6 cents. July was the leader, and after briefly trading below $6, closed near the top of the daily range. July corn futures are up by a net 1 1/4 cent for...

ZCN23 : 605-4 (-0.78%)
ZCPAUS.CM : 6.2580 (-0.80%)
ZCU23 : 524-4 (-0.76%)
ZCZ23 : 528-6 (-0.80%)
Shootin' the Bull about accomplishments

I think a great deal has been accomplished this week.  The higher price paid by some may well be the last time they pay that much.  As well, those that did buy, may not need to come back to the market...

Wheat Market Recovering on Thursday

Midday prices are mostly double digits higher across the wheat market. Chicago futures are trading 9 to 10 1/2 cents higher. KC HRW futures are up 17 to 18 1/4 cents, which has July at a net 7c loss for...

ZWN23 : 618-6 (-1.20%)
ZWU23 : 632-2 (-1.06%)
ZWPAES.CM : 5.7651 (+1.71%)
KEN23 : 790-6 (-1.74%)
KEPAWS.CM : 7.6552 (+2.31%)
MWN23 : 805-0 (-1.32%)
Soybean Prices Trading in Black

Front month soybean futures are up by as much as 9 1/4 cents. The new crop contracts are gaining 3 to 4 3/4 cents, as is July, though the September and August contracts are leading the buying action. Midday...

ZSN23 : 1368-0 (+0.35%)
ZSPAUS.CM : 13.3647 (+0.29%)
ZSQ23 : 1284-4 (+0.41%)
ZSU23 : 1205-4 (+0.27%)
July Corn Trading Higher

Corn futures are mixed through midday, following yesterday’s approach. July is again the outlier with a nickel gain at midday. The other front month futures are fractionally to a penny in the red. ...

ZCN23 : 605-4 (-0.78%)
ZCPAUS.CM : 6.2580 (-0.80%)
ZCU23 : 524-4 (-0.76%)
ZCZ23 : 528-6 (-0.80%)
What to Watch for in WASDE Guesses

Barchart released its initial round of 2023 U.S. corn and soybean production estimates ahead of USDA's next set of supply and demand guess scheduled for release Friday.

ZCN23 : 605-4 (-0.78%)
ZSN23 : 1368-0 (+0.35%)
Week’s Wheat Move Near Breakeven

Wheats are currently trading 3 to 9 cents higher, led by spring wheat, so far for Thursday. That has the market mostly near breakeven for the week’s net move. The Kansas City HRW wheat market closed...

ZWN23 : 618-6 (-1.20%)
ZWU23 : 632-2 (-1.06%)
ZWPAES.CM : 5.7651 (+1.71%)
KEN23 : 790-6 (-1.74%)
KEPAWS.CM : 7.6552 (+2.31%)
MWN23 : 805-0 (-1.32%)
Soy Futures Are Trading Mostly Higher

The old crop soybeans and the products are higher so far ahead of the weekly Export Sales report. This morning’s new crop soybean quotes are off their lows but still a penny to 4 3/4 cents lower. Old...

ZSN23 : 1368-0 (+0.35%)
ZSPAUS.CM : 13.3647 (+0.29%)
ZSQ23 : 1284-4 (+0.41%)
ZSU23 : 1205-4 (+0.27%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 1392-3
2nd Resistance Point 1382-1
1st Resistance Point 1372-5
Last Price 1368-0
1st Support Level 1352-7
2nd Support Level 1342-5
3rd Support Level 1333-1

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52-Week High 1558-6
Fibonacci 61.8% 1448-6
Fibonacci 50% 1414-6
Fibonacci 38.2% 1380-6
Last Price 1368-0
52-Week Low 1270-6

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