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Soybean Meal Jul '23 (ZMN23)
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Soybean Meal 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 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
$2,970/2,700
First Notice Date
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

Soybean Meal 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
202,354 (+1,987)
303,497 (+66)
Non-Commercials - Long / Short
106,584 (+2,130)
22,040 (+4,798)
Producers - Long / Short
100,604 (-779)
294,475 (-2,980)
Swap Dealers - Long / Short
93,773 (+541)
1,045 (+821)
Managed Money - Long / Short
74,328 (+5,372)
13,243 (+292)
Other Reportables - Long / Short
32,256 (-3,242)
8,797 (+4,506)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
386.5 +11.25%
on 06/15/23
441.2 -2.54%
on 06/21/23
+40.3 (+10.34%)
since 06/14/23
3-Month
386.3 +11.31%
on 05/31/23
468.2 -8.16%
on 04/18/23
-26.8 (-5.87%)
since 04/14/23
52-Week
372.8 +15.34%
on 07/22/22
486.9 -11.69%
on 03/07/23
+38.0 (+9.69%)
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

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%)
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KEPAWS.CM : 6.0402 (-2.63%)
MWZ23 : 711-6s (-1.90%)
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ZCH24 : 501-0s (-0.25%)
ZCK24 : 509-4s (-0.20%)
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Double Bottom in Beans?

Mixed Day in Bean Market

The soybean futures are working both directions within 5 cents of UNCH so far. The nearby contracts are fractionally to 1 ¼ cents in the black, while the deferred months are 4 ¼ cents weaker. Soymeal...

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

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%)
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ZCPAUS.CM : 4.5188 (-0.23%)
ZCH24 : 501-0s (-0.25%)
ZCK24 : 509-4s (-0.20%)
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 Weak Signal Strength.

Key Turning Points

3rd Resistance Point 434.3
2nd Resistance Point 432.1
1st Resistance Point 431.1
Last Price 430.0s
1st Support Level 427.9
2nd Support Level 425.7
3rd Support Level 424.7

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52-Week High 486.9
Fibonacci 61.8% 443.3
Last Price 430.0s
Fibonacci 50% 429.8
Fibonacci 38.2% 416.4
52-Week Low 372.8

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