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Soybean Mar '24 (ZSH24)
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Soybean Futures Market News and Commentary

Double Digit Drop for Beans

Front month soybeans fell by 10 ½ to 13 ¼ cents on Thursday, leaving March just a penny off the low for the close. March is still above the $11.45 low from last May. Soymeal futures were 1.4% to 2.1% weaker across the front months. Soy oil futures closed 51 to 62 points weaker, leading the nearby contracts to new LoC lows. 

Weekly Export Sales are expected to come in between 300k MT and 800k MT for old crop bean bookings during the week that ended 2/15. New crop soybean sales are expected to be below 50k MT. Traders are looking for soymeal bookings to be between 150k MT and 400k MT. Weekly soy oil sales are expected to be between below 10k MT. 

Brazil’s Anec reported 7.3 MMT of soybean exports for February. That was 250k MT under Feb ’23. Meal shipments are expected to round out the month with 1.86 MMT compared to 1.28 MMT last year. 

The Rosario Grain Exchange lowered their Argentine production forecast 2.5 MMT to 49.5 MMT. That puts them below the February USDA f... 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
$2,640/2,400
First Notice Date
02/29/24 (6 days)
Expiration Date
03/14/24 (20 days)

Seasonal Chart

Soybean Mar '24
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Feb 13, 2024

View Chart Details
Commercials - Long / Short
456,229 (+3,077)
284,591 (+3,359)
Non-Commercials - Long / Short
86,975 (+6,716)
248,726 (+7,650)
Producers - Long / Short
314,749 (+4,523)
267,879 (+5,234)
Swap Dealers - Long / Short
128,578 (-205)
3,810 (-634)
Managed Money - Long / Short
49,000 (+4,395)
173,369 (+7,601)
Other Reportables - Long / Short
37,975 (+2,321)
75,357 (+49)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
1146-6 +0.63%
on 02/22/24
1247-4 -7.49%
on 01/25/24
-85-4 (-6.90%)
since 01/23/24
3-Month
1146-6 +0.63%
on 02/22/24
1372-2 -15.90%
on 11/24/23
-220-2 (-16.03%)
since 11/22/23
52-Week
1145-2 +0.76%
on 05/31/23
1428-2 -19.20%
on 07/24/23
-227-0 (-16.44%)
since 02/23/23

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Most Recent Stories

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Key Levels For Grains

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

ZSH24 : 1153-4 (+0.50%)
ZWH24 : 587-2 (+0.69%)
ZCH24 : 408-0 (+0.49%)
Corn Futures Fell by a Nickel on Thursday

The front month corn market dropped another 4 to 5 ¾ cents on Thursday. The March contract was 1 ¾ cents off the low for the bell after an 11 ¼ cent range. The Mar/Dec spread widened to 47 ¼ cents...

ZCH24 : 408-0 (+0.49%)
ZCPAUS.CM : 3.8754 (-1.21%)
ZCK24 : 420-6 (+0.54%)
ZCN24 : 432-6 (+0.46%)
SRW Held Firm on Thursday Pullback

Chicago wheat futures finished the day UNHC to 2 cents stronger across the front months. KC HRW futures were 2 to 3 ¼ cents weaker at the close. The March HRW/SRW spread now has Chicago futures at a 9...

ZOK24 : 355-6 (+1.35%)
ZWH24 : 587-2 (+0.69%)
ZWK24 : 582-6 (+0.60%)
KEH24 : 576-2 (+0.39%)
MWH24 : 655-0 (+0.58%)
Hogs Make New High

Hogs rally to new high for Recent up move

Where Does All the Meal Go?

Learn about the importance and global exportation and usage patterns of soybeans, from animal feed to food for humans with this article.

Shootin' the Bull about a lot of risk assumption

I believe those who are at risk cattle price fluctuation have already made their move, whether hedged with futures or options, or nothing at all.  If so, this reduces the amount of selling pressure, allowing...

Midday Losses for Corn Futures

Corn started the Thursday session with strength, but futures are down by as much as 3 ½ cents at midday. Open interest on net increased by 5.4k contracts, though most of the action was rolling from March...

ZCH24 : 408-0 (+0.49%)
ZCPAUS.CM : 3.8754 (-1.21%)
ZCK24 : 420-6 (+0.54%)
ZCN24 : 432-6 (+0.46%)
Soybeans Fading through Midday

After trading higher into the day session, beans are down by 6 to 7 ½ cents for the midday prints. Soymeal futures are down by as much as 1.7% at midday. Front month Soy oil futures are off their session...

ZMK24 : 332.5 (+0.33%)
ZLK24 : 45.01 (+0.47%)
ZSH24 : 1153-4 (+0.50%)
ZSPAUS.CM : 10.9616 (-1.16%)
ZSK24 : 1158-0 (+0.48%)
ZSN24 : 1166-6 (+0.52%)
Mixed Wheat Market through Thursday’s Midday

Chicago wheat futures are trading fractionally to 2 cents stronger at midday, while the hard red wheat markets are red. KC HRW is down by 1 ¾ to 3 cents so far. MGE HRS futures are working 3 ½ to 6 ¾...

ZWH24 : 587-2 (+0.69%)
ZWK24 : 582-6 (+0.60%)
KEH24 : 576-2 (+0.39%)
MWH24 : 655-0 (+0.58%)
Grains: Are Funds Solely Responsible for Lower Grain Prices?

Paying homage to the wonderful MythBusters television program, and given I have a great face for print media, let's take a look at the idea funds are solely responsible for lower corn and soybean prices....

ZCPAUS.CM : 3.8754 (-1.21%)
ZSPAUS.CM : 10.9616 (-1.16%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 1181-5
2nd Resistance Point 1174-3
1st Resistance Point 1161-1
Last Price 1153-4
1st Support Level 1140-5
2nd Support Level 1133-3
3rd Support Level 1120-1

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52-Week High 1428-2
Fibonacci 61.8% 1320-1
Fibonacci 50% 1286-6
Fibonacci 38.2% 1253-3
Last Price 1153-4
52-Week Low 1145-2

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