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Soybean Meal Pit May '10 (SMK10)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Pulled Higher by Meal, Nearby July up 20 Cents for the Week

Soybeans settled 2 to 8 ¾ higher on Friday, with some bull spreading getting nearby July briefly above $12.50. Soymeal was a main reason for the strength, as front month contracts were up $6.70 to $9.80/ton.  Soy Oil was weaker gokng home for the 3 day holiday weekend, down 24 to 48 points. 

Export Sales data has the total export commitments for old crop soybeans at 42.882 MMT, which is 93% of USDA’s export forecast, 6% behind the average pace. Shipments accumulated for the year are on par with the average pace, at 85% of the forecast total. Total sales for new crop beans have totaled just 955,887 MT, down 49.7% from a year ago, as China has yet to be in for any new crop.

Weekly Commitment of Traders data tallied spec funds in soybean futures and option cutting back another 16,239 contracts from their net short position during the week of May 21. That took them to a net short 26,426 contracts. Commercials saw an increase to their net short by 20,289 contracts to -65,706... Read more

Contract Specifications

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Contract
Soybean Meal [Pit]
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 per contract)
Trading Hours
8:30a.m. - 1:15p.m. CST
Exchange
CBOT
Point Value
$100
Expiration Date
05/14/10 (expired)
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Price Performance

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Period Period Low Period High Performance
1-Month
273.5 +3.18%
on 05/06/10
296.5 -4.82%
on 04/22/10
+7.9 (+2.88%)
since 04/14/10
3-Month
251.2 +12.34%
on 03/12/10
296.5 -4.82%
on 04/22/10
+8.0 (+2.92%)
since 02/12/10
52-Week
251.2 +12.34%
on 03/12/10
331.0 -14.74%
on 06/11/09
+1.2 (+0.43%)
since 05/14/09

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Soybeans Pulled Higher by Meal, Nearby July up 20 Cents for the Week

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Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 285.1
1st Resistance Point 283.7
Last Price 282.2s
1st Support Level 281.5
2nd Support Level 280.7
3rd Support Level N/A

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52-Week High 331.0
Fibonacci 61.8% 300.5
Fibonacci 50% 291.1
Last Price 282.2s
Fibonacci 38.2% 281.7
52-Week Low 251.2

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