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Soybean Meal Dec '24 (ZMZ24)

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Soybean Meal Futures Market News and Commentary

Soybean Prices End Friday in the Red, Spec Funds Expand Bearish Positions

Soybean futures settled 1 ¼ to 7 ¼ lower on Friday, with the inverse (a.k.a backwardation) continuing to expand on good crusher demand for nearby beans and big expectations for 2024/25 global production.  Soymeal futures finished the day $.40 to $4.00 per ton lower. Soy Oil futures saw nearby August with a plus sign (+11) but the rest of the most active months were 5 to 36 lower. 

USDA reported another sale of 105,000 MT of meal to unknown destinations for 2024/25 this morning under the daily reporting system but that failed to move the market. 

Weekly Export Sales brought the 2023/24 MY to 45.36 MMT, which is 98% of the USDA projected full year export total. That is below the 103% average pace for this date. New crop sales have accumulated to 2.07 MMT, which is the lowest for the respective week in the marketing year in 20 years. This week’s large sale will help. Some Chinese buying is rumored for Oct-Nov, but they appear to have very comfortable stocks for the next 60-... 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
$2,310/2,100
First Notice Date
11/29/24 (130 days)
Expiration Date
12/13/24 (144 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
220,889 (+12,629)
271,591 (-21,098)
Non-Commercials - Long / Short
131,194 (-12,448)
97,570 (+20,282)
Producers - Long / Short
107,205 (+5,598)
260,776 (-22,374)
Swap Dealers - Long / Short
104,013 (+5,334)
1,144 (-421)
Managed Money - Long / Short
106,928 (-14,283)
78,403 (+19,987)
Other Reportables - Long / Short
24,266 (+1,835)
19,167 (+295)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
306.7 +2.09%
on 07/16/24
348.0 -10.03%
on 06/24/24
-28.3 (-8.29%)
since 06/21/24
3-Month
306.7 +2.09%
on 07/16/24
382.3 -18.10%
on 05/08/24
-34.9 (-10.03%)
since 04/22/24
52-Week
306.7 +2.09%
on 07/16/24
417.4 -24.99%
on 11/08/23
-57.0 (-15.40%)
since 07/21/23

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Soybean Prices End Friday in the Red, Spec Funds Expand Bearish Positions

Soybean futures settled 1 ¼ to 7 ¼ lower on Friday, with the inverse (a.k.a backwardation) continuing to expand on good crusher demand for nearby beans and big expectations for 2024/25 global production....

ZMZ24 : 313.1 (+1.82%)
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ZSX24 : 1053-4 (+1.69%)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 317.7
2nd Resistance Point 315.4
1st Resistance Point 311.5
Last Price 313.1
1st Support Level 305.3
2nd Support Level 303.0
3rd Support Level 299.1

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52-Week High 417.4
Fibonacci 61.8% 375.1
Fibonacci 50% 362.1
Fibonacci 38.2% 349.0
Last Price 313.1
52-Week Low 306.7

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