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Soybean Oil Jul '23 (ZLN23)
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Soybean Oil Futures Market News and Commentary

Firm Session in Soybeans ahead of Export Sales

Beans were mixed on a firm session ahead of the FAS report. The front months were mixed within 1 ½ cents of UNCH for the close. November sits at a net 2c loss for the week’s move. Soymeal closed higher on the day, but remains just off the lowest prints since July ’22 as October is at a $7.20 loss for the week. Soybean Oil futures fell by triple digits on Wednesday.

Analysts estimate FAS will confirm between 400k and 900k MT of soybean sales for the week that ended 9/28. New crop bookings are figured below 50k MT. The meal sales are estimated to be 100k MT of net cancelations and 50k MT of net new sales for the 22/23 season, with 225k to 525k MT sold for new crop. BO bookings are figured +/-10k MT for old crop, and less than 10k MT for new crop. 

Refinitiv estimated Malaysian palm oil output at 18.4 MMT for 22/23, with 50.7 MMT for Indonesia. The initial 23/24 outlook will be released in their next update. 

Strategie Grains increased their Europe rapeseed production... Read more

Contract Specifications

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Contract
Soybean Oil
Contract Size
60,000 pounds
Tick Size
0.01 points ($6.00 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
$600
Margin/Maintenance
$3,025/2,750
First Notice Date
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Sep 26, 2023

View Chart Details
Commercials - Long / Short
211,377 (-8,027)
264,640 (-19,175)
Non-Commercials - Long / Short
98,292 (-2,895)
50,287 (+3,660)
Producers - Long / Short
96,616 (-7,281)
248,516 (-20,836)
Swap Dealers - Long / Short
103,704 (-608)
5,067 (+1,799)
Managed Money - Long / Short
66,279 (-8,437)
29,448 (+2,286)
Other Reportables - Long / Short
32,013 (+5,542)
20,839 (+1,374)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
53.13 +27.78%
on 06/22/23
70.00 -3.01%
on 07/13/23
+11.93 (+21.32%)
since 06/14/23
3-Month
44.53 +52.46%
on 05/31/23
70.00 -3.01%
on 07/13/23
+14.12 (+26.26%)
since 04/14/23
52-Week
44.53 +52.46%
on 05/31/23
70.00 -3.01%
on 07/13/23
+13.03 (+23.75%)
since 07/14/22

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Firm Session in Soybeans ahead of Export Sales

Beans were mixed on a firm session ahead of the FAS report. The front months were mixed within 1 ½ cents of UNCH for the close. November sits at a net 2c loss for the week’s move. Soymeal closed higher...

ZMZ23 : 372.0s (+0.08%)
ZLZ23 : 55.99s (-2.00%)
ZSX23 : 1273-0s (unch)
ZSPAUS.CM : 12.0859 (+0.05%)
ZSF24 : 1292-2s (unch)
ZSH24 : 1307-2s (unch)
Wheat Back to Sliding Lower So Far

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ZWH24 : 589-0s (-1.46%)
ZWPAES.CM : 4.7606 (-1.75%)
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KEPAWS.CM : 6.0402 (-2.63%)
MWZ23 : 711-6s (-1.90%)
Corn Holds Weekly Gain after Midweek Fade

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ZCPAUS.CM : 4.5188 (-0.23%)
ZCH24 : 501-0s (-0.25%)
ZCK24 : 509-4s (-0.20%)
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Double Bottom in Beans?

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The wheat market is currently back in the red after a bounce on Tuesday. CBT SRW futures are 5 to 6 ¼ cents in the red. KC HRW is trading down by as much as 1.6% through midday. MGE HRS futures are down...

ZWZ23 : 560-0s (-1.50%)
ZWH24 : 589-0s (-1.46%)
ZWPAES.CM : 4.7606 (-1.75%)
KEZ23 : 666-4s (-2.45%)
KEPAWS.CM : 6.0402 (-2.63%)
MWZ23 : 711-6s (-1.90%)
Midweek Corn Trading Both Sides

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ZCZ23 : 486-0s (-0.31%)
ZCPAUS.CM : 4.5188 (-0.23%)
ZCH24 : 501-0s (-0.25%)
ZCK24 : 509-4s (-0.20%)
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ZCPAUS.CM : 4.5188 (-0.23%)
ZCH24 : 501-0s (-0.25%)
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Beans Bouncing Back on Wednesday

Front month soy futures are trading with 1 ¾ to 7 cent gains in the beans, and a $4 recovery in meal this morning. Soybean futures fell by 0.3% to 0.4% on Tuesday. November was down a net 2 ¼ cents after...

ZMZ23 : 372.0s (+0.08%)
ZLZ23 : 55.99s (-2.00%)
ZSX23 : 1273-0s (unch)
ZSPAUS.CM : 12.0859 (+0.05%)
ZSF24 : 1292-2s (unch)
ZSH24 : 1307-2s (unch)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 67.89
2nd Resistance Point 67.89
1st Resistance Point 67.89
Last Price 67.89s
1st Support Level 67.89
2nd Support Level 67.89
3rd Support Level 67.89

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52-Week High 70.00
Last Price 67.89s
Fibonacci 61.8% 60.27
Fibonacci 50% 57.26
Fibonacci 38.2% 54.26
52-Week Low 44.53

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