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Soybean Meal Jan '24 (ZMF24)
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Soybean Meal Futures Market News and Commentary

Beans Spike Below $13, Stay Above for the Close

The Friday soybean trade settled with prices 4 to 7 ¾ cents in the red. The Jan contract spiked below the $13 round number after the report, but futures closed back above the mark. Jan beans printed a wide 31 ¾ cent range on the day, and finished out the week with a net 21 cent loss. Soymeal futures ended the Friday session $1.80 to $2.10 weaker, with Jan down by $8 for the week. Soybean Oil futures traded lower into the weekend with 80 to 96 point losses on Friday. That pushed the Jan contract’s weekly loss to 125 points. USDA left the average soybean cash price at $12.90 for soybeans, but had meal$10/ton higher at $390 and soy oil 4 cents weaker at 57 c/lb. 

The weekly CoT data showed soybean spec traders were dropping soybean longs during the week that ended 12/5. That left the group 31k contracts less net long at 36,633. Commercial soybean hedgers were closing short hedges during the week, reducing their net short to 116,207 contracts. 

The daily reporting system sho... Read more

Contract Specifications

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Contract
Soybean Meal
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 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
$100
Margin/Maintenance
$2,530/2,300
First Notice Date
12/29/23 (18 days)
Expiration Date
01/12/24 (32 days)

Seasonal Chart

Soybean Meal Jan '24
Average Price Chart for 5 Prior Jan Contracts

Commitment of Traders Positions as of Dec 5, 2023

View Chart Details
Commercials - Long / Short
184,597 (+3,617)
323,104 (-7,902)
Non-Commercials - Long / Short
159,725 (-14,439)
43,074 (-462)
Producers - Long / Short
92,180 (-281)
312,073 (-10,504)
Swap Dealers - Long / Short
83,136 (+360)
1,750 (-936)
Managed Money - Long / Short
136,500 (-13,431)
12,830 (+2,077)
Other Reportables - Long / Short
23,225 (-1,008)
30,244 (-2,539)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
402.4 +1.07%
on 12/07/23
460.6 -11.70%
on 11/15/23
-28.2 (-6.48%)
since 11/10/23
3-Month
366.2 +11.06%
on 10/05/23
460.6 -11.70%
on 11/15/23
+4.1 (+1.02%)
since 09/11/23
52-Week
359.7 +13.07%
on 05/31/23
460.6 -11.70%
on 11/15/23
-19.6 (-4.60%)
since 12/09/22

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Beans Spike Below $13, Stay Above for the Close

The Friday soybean trade settled with prices 4 to 7 ¾ cents in the red. The Jan contract spiked below the $13 round number after the report, but futures closed back above the mark. Jan beans printed a...

ZMF24 : 406.4 (+0.42%)
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ZSPAUS.CM : 12.4837 (-0.59%)
ZSH24 : 1330-0 (+0.53%)
ZSK24 : 1343-6 (+0.49%)
Livestock Markets Rally to End Week on a Positive note

Short- covering rally to end week

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 422.7
2nd Resistance Point 418.5
1st Resistance Point 411.6
Last Price 406.5
1st Support Level 400.5
2nd Support Level 396.3
3rd Support Level 389.4

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52-Week High 460.6
Fibonacci 61.8% 422.1
Fibonacci 50% 410.2
Last Price 406.5
Fibonacci 38.2% 398.2
52-Week Low 359.7

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