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Soybean Meal Mar '24 (ZMH24)
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Soybean Meal Futures Market News and Commentary

Beans Close Red on Friday

Soybean futures fell by as much as 14 ¾ cents across the front months on the last trade day of the week. March beans finished at a new contract low and the lowest mark for the lead month since the fall of 2020. March options also expired at the close, with the heavily traded (4k contracts) $11.40 puts in the money. Soymeal futures ended the day $3.30 to $3.40 weaker, for a weekly loss of $14.10. Soy oil futures were at their weakest mark since 2021 with another 19 to 22 point losses for Friday. 

The weekly CoT data showed soybean spec traders added 4.7k new shorts vs 2.6k new longs for a 136.7k contract net long as of 2/20. The commercial soybean traders were 36.4k contracts net long after adding 37k new contracts nearly even on both sides during the week. Managed money funds were more net short after net new selling for soymeal – at 30,684 contracts as of 2/20. Speculative traders were also adding shorts in BO for the week, which grew their net short to 52.8k contracts. 

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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
$2,090/1,900
First Notice Date
02/29/24 (6 days)
Expiration Date
03/14/24 (20 days)

Seasonal Chart

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

Commitment of Traders Positions as of Feb 20, 2024

View Chart Details
Commercials - Long / Short
247,497 (+2,958)
218,347 (+2,538)
Non-Commercials - Long / Short
87,267 (+7,530)
132,720 (+7,516)
Producers - Long / Short
143,483 (+4,933)
209,735 (+158)
Swap Dealers - Long / Short
95,402 (-4,355)
N/A
Managed Money - Long / Short
64,642 (+3,969)
92,632 (+6,974)
Other Reportables - Long / Short
22,625 (+3,561)
40,088 (+542)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
328.0 +1.07%
on 02/23/24
370.4 -10.50%
on 02/01/24
-29.6 (-8.20%)
since 01/23/24
3-Month
328.0 +1.07%
on 02/23/24
427.1 -22.38%
on 11/24/23
-92.6 (-21.83%)
since 11/22/23
52-Week
328.0 +1.07%
on 02/23/24
445.1 -25.52%
on 11/13/23
-76.5 (-18.75%)
since 02/23/23

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Beans Close Red on Friday

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 344.7
2nd Resistance Point 340.6
1st Resistance Point 336.1
Last Price 331.5s
1st Support Level 327.5
2nd Support Level 323.4
3rd Support Level 318.9

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52-Week High 445.1
Fibonacci 61.8% 400.4
Fibonacci 50% 386.5
Fibonacci 38.2% 372.7
Last Price 331.5s
52-Week Low 328.0

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