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Soybean Oil Jul '24 (ZLN24)

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Soybean Oil Futures Market News and Commentary

Soybeans Hold in For Gains

Soybeans held on for steady to 11 ¾ cent higher trade across the front months at the close, with back month 2025 contracts lower. July soybeans were up 9 cents this week, with November down 2 ¼. Soymeal futures were up 30 cent to $1.10/ton in the front months but weaker in the deferreds on the day. Soy Oil saw gains 44 to 75 points.

A planting window is open for much of the US growing region this weekend but closes as we get into the beginning of next week. Rains in flood soaked portions of southern Brazil are making it difficult for producers to get harvest closed out in some regions. 

Commitment of Traders data from CFTC showed specs in soybean futures and options adding 1,212 contracts to their net short in the week of 5/14, as OI was dropping. They held a net short of 42,665 contracts on that Tuesday. Commercials saw an reduction to their net short of 1,472 contracts to -45,417 contracts as of Tuesday. 

Jul 24 Soybeans  closed at $12.28, up 11 3/4 cents,

... 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
$1,980/1,800
First Notice Date
06/28/24 (40 days)
Expiration Date
07/12/24 (54 days)

Seasonal Chart

Soybean Oil Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of May 14, 2024

View Chart Details
Commercials - Long / Short
288,450 (-4,616)
241,269 (-1,446)
Non-Commercials - Long / Short
109,303 (-4,394)
159,835 (-5,415)
Producers - Long / Short
144,461 (-2,731)
226,550 (-1,941)
Swap Dealers - Long / Short
131,932 (-2,935)
2,662 (-555)
Managed Money - Long / Short
65,468 (-4,603)
124,216 (-8,315)
Other Reportables - Long / Short
43,835 (+209)
35,619 (+2,900)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
42.53 +6.44%
on 05/09/24
46.12 -1.84%
on 04/22/24
-0.29 (-0.64%)
since 04/17/24
3-Month
42.53 +6.44%
on 05/09/24
50.29 -9.98%
on 03/18/24
-1.12 (-2.41%)
since 02/16/24
52-Week
42.53 +6.44%
on 05/09/24
63.54 -28.75%
on 07/24/23
-0.82 (-1.78%)
since 05/17/23

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Soybeans held on for steady to 11 ¾ cent higher trade across the front months at the close, with back month 2025 contracts lower. July soybeans were up 9 cents this week, with November down 2 ¼. Soymeal...

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

Key Turning Points

3rd Resistance Point 47.31
2nd Resistance Point 46.49
1st Resistance Point 45.88
Last Price 45.27s
1st Support Level 44.45
2nd Support Level 43.63
3rd Support Level 43.02

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52-Week High 63.54
Fibonacci 61.8% 55.51
Fibonacci 50% 53.03
Fibonacci 38.2% 50.56
Last Price 45.27s
52-Week Low 42.53

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