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Soybean Oil Mar '18 (ZLH18)

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Soybean Oil Futures Market News and Commentary


Soybean futures settled the day with 5 to 7 cents losses, ahead of Tuesday’s WASDE report. Nearby soy meal was down $1.20/ton, with soy oil 2 points higher. A private export sale of 125,000 MT of soybeans to unknown was reported by the USDA this morning. Their weekly update to the Export Inspections report indicated that 922,094 MT of soybeans were exported in the week that ended on December 6. That was down 11.84% from the prior week and 25.83% lower than last year. Spec funds in soybean futures and options slashed their CFTC net short position by 46,269 contracts on 12/4 to a net position of -17,593 contracts. A report from Bloomberg quoting anonymous sources suggested China may buy 5-8 MMT of soybeans for state reserves and allow commercial users to purchase another 2 MMT with the tariff waived or reimbursed. This could be the proverbial “trial balloon”. Brazil’s Abiove estimated the country’s 18/19 soybean crop at 120.9 MMT, 1.4 larger than the previous number.Jan 19 Soybeans closed at $9.09 3/4, down 7 cents,Mar 19 Soybeans closed at $9.22 3/4, down 6 1/4 cents,May 19 Soybeans closed at $9.35 1/2, down 6 1/4 cents,Aug 19 Soybeans closed at $9.51 1/4, down 5 3/4 cents,Dec 18 Soybean Meal closed at $307.90, down $1.20,Dec 18 Soybean Oil closed at $28.52, up $0.02--provided by Brugler Marketing & Management

Contract Specifications

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Contract
Soybean Oil
Contract Size
60,000 pounds
Tick Size
0.01 points ($6.00 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Sun-Fri) CST
Exchange
CBOT
Point Value
$600
Margin/Maintenance
$550/500
First Notice Date
02/28/17
Expiration Date
03/14/18 (expired)

Seasonal Chart

Soybean Oil Mar '18
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Nov 27, 2018

View Chart Details
Commercials - Long / Short
263,982 (+1,994)
227,064 (-9,506)
Non-Commercials - Long / Short
96,765 (-12,454)
140,946 (-182)
Producers - Long / Short
161,705 (+11,932)
208,657 (-6,830)
Swap Dealers - Long / Short
87,759 (-7,523)
3,889 (-261)
Managed Money - Long / Short
50,753 (-209)
131,317 (+1,108)
Other Reportables - Long / Short
46,012 (-12,245)
9,629 (-1,290)
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Price Performance

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Period Period Low Period High Performance
1-Month
31.28 +1.60%
on 03/09/18
32.72 -2.87%
on 02/26/18
-0.02 (-0.06%)
since 02/14/18
3-Month
31.28 +1.60%
on 03/09/18
34.10 -6.80%
on 01/05/18
-1.59 (-4.76%)
since 12/14/17
52-Week
31.28 +1.60%
on 03/09/18
36.42 -12.74%
on 09/07/17
-1.62 (-4.85%)
since 03/14/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Sell with a Weakening short term outlook on maintaining the current direction.

Longer term, the trend strength is Strong. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 31.78
1st Resistance Point 31.78
Last Price 31.78s
1st Support Level 31.78
2nd Support Level 31.78

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52-Week High 36.42
Fibonacci 61.8% 34.46
Fibonacci 50% 33.85
Fibonacci 38.2% 33.24
Last Price 31.78s
52-Week Low 31.28

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InsideFutures Commentary

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