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Soybean Meal May '23 (ZMK23)
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Soybean Meal Futures Market News and Commentary

Soy Falling through Midday

Front month soybean futures are trading 15 1/2 to 19 cents lower through midday. The meal market is $5.70 to $7.20 lower at midday. Front month BO futures are giving back another 67 to 70 points so far. 

USDA’s Ag Attache figures the 23/24 Chinese soybean imports will reach 97.5 MMT, a 1 MMT increase yr/yr. Their crush is also anticipated to increase by 1 MMT to 95 MMT. The Attache estimates Indonesia’s 23/24 palm oil production at 46 MMT, a 3% increase yr/yr. 

The EU Commission reported their season-to-date soybean import at 8.45 MMT through March 19th. That is down 14.6% from last year’s pace. 

May 23 Soybeans  are at $14.53, down 14 cents,

Nearby Cash   is at $14.16 5/8, down 14 3/4 cents,

Jul 23 Soybeans  are at $14.29 1/2, down 19 cents,

Nov 23 Soybeans  are at $12.76 3/4, down 19 1/4 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. A... 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
04/28/23 (37 days)
Expiration Date
05/12/23 (51 days)

Seasonal Chart

Soybean Meal May '23
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Mar 14, 2023

View Chart Details
Commercials - Long / Short
149,649 (+4,358)
325,725 (-15,725)
Non-Commercials - Long / Short
178,253 (-15,824)
20,532 (+3,445)
Producers - Long / Short
61,401 (+2,277)
320,224 (-15,487)
Swap Dealers - Long / Short
84,818 (+1,602)
2,071 (-717)
Managed Money - Long / Short
148,859 (-15,886)
15,580 (+5,049)
Other Reportables - Long / Short
29,394 (+62)
4,952 (-1,604)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
451.0 +0.38%
on 03/22/23
498.0 -9.10%
on 03/07/23
-24.8 (-5.19%)
since 02/22/23
3-Month
438.2 +3.31%
on 12/27/22
498.0 -9.10%
on 03/07/23
+11.2 (+2.54%)
since 12/22/22
52-Week
373.1 +21.33%
on 07/05/22
498.0 -9.10%
on 03/07/23
+56.3 (+14.20%)
since 03/22/22

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Wheat prices are down by double digits for some contracts so far for midday. CBT SRW is trading 13 1/2 to 16 1/4 cents lower. KC HRW is down by 5 to 6 cents across the front months. Spring wheat prices...

ZWK23 : 664-0 (-2.82%)
ZWN23 : 675-2 (-2.49%)
ZWPAES.CM : 6.1142 (-3.14%)
KEK23 : 812-2 (-0.98%)
KEPAWS.CM : 7.7372 (-1.02%)
MWK23 : 835-6 (-1.18%)
Soy Falling through Midday

Front month soybean futures are trading 15 1/2 to 19 cents lower through midday. The meal market is $5.70 to $7.20 lower at midday. Front month BO futures are giving back another 67 to 70 points so far....

ZSK23 : 1449-0 (-1.23%)
ZSPAUS.CM : 14.1144 (-1.33%)
ZSN23 : 1426-2 (-1.54%)
ZSQ23 : 1380-0 (-1.67%)
Red Midday in Corn Futures

May corn contracts are staging a midday bounce, which has futures 8 1/2 cents off the low and 2 cents in the black. The other nearby contracts are fractional to 3 1/4 cents in the red. USDA announced...

ZCK23 : 632-4 (+0.40%)
ZCPAUS.CM : 6.3566 (+0.31%)
ZCN23 : 611-0 (unch)
ZCU23 : 560-6 (-0.49%)
Wheat, WEAT ETF downtrend will not change until 38.2% is taken out.

Educational and Actionable Information using Fibonacci and W.D. Gann Analysis.

WEAT : 6.75 (-2.03%)
Soybean Wednesday Forecast

The downtrend may be expected to continue, while market is trading below resistance level 1469,2, which will be followed by reaching support level 1421,6

Corn Wednesday Forecast

The downtrend may be expected to continue, while market is trading below resistance level 621,2, which will be followed by reaching support level 598 – 593,4

IMPORTANT: Managing Risk in New Crop Corn and Beans

New crop weekly options can be a great tool to gain short term market exposure or hedge short term risks.

Wheats Dropping Another Double Digits

The midweek wheat market is currently 10 to 15 cents lower after a mostly one directional overnight. Wheats extended the downside again on Tuesday by another 1-2% across the winter wheat markets. MGE wheat...

ZWK23 : 664-0 (-2.82%)
ZWN23 : 675-2 (-2.49%)
ZWPAES.CM : 6.1142 (-3.14%)
KEK23 : 812-2 (-0.98%)
KEPAWS.CM : 7.7372 (-1.02%)
MWK23 : 835-6 (-1.18%)
Red Start for Soy Trade

Soy futures are trading red across the markets. Beans are 5 to 10 cents lower, meal is down $3.50 to $4.50/ton, and soy oil is 3-11 points weaker. The nearby soy market ended the Tuesday session 13 to...

ZSK23 : 1449-0 (-1.23%)
ZSPAUS.CM : 14.1144 (-1.33%)
ZSN23 : 1426-2 (-1.54%)
ZSQ23 : 1380-0 (-1.67%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 474.8
2nd Resistance Point 471.6
1st Resistance Point 466.1
Last Price 451.3
1st Support Level 457.4
2nd Support Level 454.2
3rd Support Level 448.7

See More

52-Week High 498.0
Last Price 451.3
Fibonacci 61.8% 450.3
Fibonacci 50% 435.5
Fibonacci 38.2% 420.8
52-Week Low 373.1

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