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Soybean Meal Dec '23 (ZMZ23)
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Soybean Meal Futures Market News and Commentary

Tuesday Losses in Soy Futures

Soybean futures fell by 0.3% to 0.4% on Tuesday. That has Nov set at as 2 ¼ cent loss for the week’s move. Soymeal futures ended with $1.70 to $4.40 losses, leaving the October contract at the lowest print since July ’22. Soybean Oil futures closed the session with 30 to 40 point losses on the day’s loss.   

USDA announced a 265k MT soybean sale to China this morning. 

The Strategie Grains increased Europe’s rapeseed forecast by 600k MT to 19.5 MMT. 

The weekly Crop Progress report had 86% of soybeans dropping leaves as of 10/1. Harvest advanced 11% points to 23% finished. The average pace is to be 22% finished. The condition ratings improved, which is often the case after the combines roll.  The Brugler500 Index rose 5 points to 339. Indiana jumped the most. 

The monthly Fats and Oils report had 168.98 mbu of soybeans crushed for August. That was down from 184.8 mbu in July and was 6 mbu lighter than Aug ’22. The 22/23 soy crush totaled 2.212 bbu. Soybean oi... 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
11/30/23 (58 days)
Expiration Date
12/14/23 (72 days)

Seasonal Chart

Soybean Meal Dec '23
Average Price Chart for 5 Prior Dec 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
367.1 +2.34%
on 10/03/23
407.9 -7.89%
on 09/11/23
-23.9 (-5.98%)
since 09/01/23
3-Month
367.1 +2.34%
on 10/03/23
424.7 -11.54%
on 07/27/23
-20.3 (-5.13%)
since 07/03/23
52-Week
361.8 +3.84%
on 05/31/23
437.7 -14.16%
on 03/08/23
-11.0 (-2.84%)
since 10/04/22

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Tuesday Losses in Soy Futures

Soybean futures fell by 0.3% to 0.4% on Tuesday. That has Nov set at as 2 ¼ cent loss for the week’s move. Soymeal futures ended with $1.70 to $4.40 losses, leaving the October contract at the lowest...

ZMZ23 : 375.7 (+1.08%)
ZLZ23 : 57.33 (+0.35%)
ZSX23 : 1280-2 (+0.59%)
ZSPAUS.CM : 12.0799 (-0.34%)
ZSF24 : 1299-0 (+0.54%)
ZSH24 : 1313-4 (+0.46%)
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Chicago futures ended the session with ¾ to 3 ¾ cent gains on Tuesday. KC HRW futures closed the day 5 to 6 ½ cent gains. MGE futures closed up by 2 ½ to 6 ¾ cents. USDA reported a large private...

ZWZ23 : 565-6 (-0.48%)
ZWH24 : 594-4 (-0.54%)
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MWZ23 : 721-0 (-0.62%)
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ZCZ23 : 488-2 (unch)
ZCPAUS.CM : 4.5291 (-0.23%)
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Red Soy Futures at Midday

Beans are down 4 ¼ to 6 ½ cents so far through Tuesday. The products are also red so far, with $2 to $4 losses in Soymeal futures and 15 point losses in Soybean Oil futures. USDA announced a 265k MT...

ZMZ23 : 375.7 (+1.08%)
ZLZ23 : 57.33 (+0.35%)
ZSX23 : 1280-2 (+0.59%)
ZSPAUS.CM : 12.0799 (-0.34%)
ZSF24 : 1299-0 (+0.54%)
ZSH24 : 1313-4 (+0.46%)
Wheat Gaining on Tuesday

SRW is 2 ¼ to 7 cents higher so far. The HRW market is trading up by 5 to 7 ¾ cents. Minneapolis wheat futures re up 3 to 9 cents. USDA reported a large private export sale of 220k MT of SRW to China....

ZWZ23 : 565-6 (-0.48%)
ZWH24 : 594-4 (-0.54%)
ZWPAES.CM : 4.8456 (+0.60%)
KEZ23 : 679-2 (-0.59%)
KEPAWS.CM : 6.2036 (+1.15%)
MWZ23 : 721-0 (-0.62%)
Corn Fading through Midday

Midday corn prices are 2-3 cents off their lows but still 1 ½ to 2 ¼ cents in the red. Safras and Mercado estimated Brazil’s first crop at 26.86 MMT, down from their prior 26.9 MMT forecast. They...

ZCZ23 : 488-2 (unch)
ZCPAUS.CM : 4.5291 (-0.23%)
ZCH24 : 502-6 (unch)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 383.0
2nd Resistance Point 378.9
1st Resistance Point 375.3
Last Price 375.7
1st Support Level 367.6
2nd Support Level 363.5
3rd Support Level 359.9

See More

52-Week High 437.7
Fibonacci 61.8% 408.7
Fibonacci 50% 399.8
Fibonacci 38.2% 390.8
Last Price 375.7
52-Week Low 361.8

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