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Soybean Oil Dec '18 (ZLZ18)

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Soybean Oil Futures Market News and Commentary


Soybean futures are showing 3 to 3 1/2 cent gains on Tuesday. Nearby soy meal is up 30 cent/ton, with soy oil 13 points higher. This morning’s monthly WASDE update from the USDA showed no changes to the US supply and demand table, with 18/19 US carryout at 955 mbu. World ending stocks are now projected at 115.33 MMT by WOAB, up 3.25 MMT from their prior estimate. Revisions were made to 17/18 numbers, as Brazil’s production was raised 0.5 to 120.3 MMT and carryout was 1.6 MMT higher. For 18/19 USDA increased their Brazilian soybean production number to 122 MMT, vs. the new CONAB update at 120.066 MMT.Jan 19 Soybeans are at $9.13, up 3 1/4 cents,Mar 19 Soybeans are at $9.26 1/4, up 3 1/2 cents,May 19 Soybeans are at $9.38 3/4, up 3 1/4 cents,Jul 19 Soybeans are at $9.50 3/4, up 3 1/2 cents,Dec 18 Soybean Meal is at $308.20, up $0.30Dec 18 Soybean Oil is at $28.65, up $0.13--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
11/30/18
Expiration Date
12/14/18 (3 days)

Seasonal Chart

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

Commitment of Traders Positions as of Dec 4, 2018

View Chart Details
Commercials - Long / Short
245,739 (-18,243)
232,577 (+5,513)
Non-Commercials - Long / Short
106,549 (+9,784)
125,703 (-15,243)
Producers - Long / Short
138,745 (-22,960)
210,603 (+1,946)
Swap Dealers - Long / Short
87,970 (+211)
2,950 (-939)
Managed Money - Long / Short
57,990 (+7,237)
117,939 (-13,378)
Other Reportables - Long / Short
48,559 (+2,547)
7,764 (-1,865)
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Price Performance

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Period Period Low Period High Performance
1-Month
26.95 +6.53%
on 11/27/18
28.72 -0.03%
on 12/11/18
+1.09 (+3.95%)
since 11/09/18
3-Month
26.95 +6.53%
on 11/27/18
30.01 -4.33%
on 10/04/18
+0.63 (+2.24%)
since 09/11/18
52-Week
26.95 +6.53%
on 11/27/18
34.16 -15.95%
on 01/05/18
-4.88 (-14.53%)
since 12/11/17

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WASDE REPORT FOR 12/11/18

WASDE REPORT FOR 12/11/18

Reaction

Overreaction

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 32% Buy with a Strengthening short term outlook on maintaining the current direction.

Longer term, the trend strength is Weak.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

2nd Resistance Point 28.86
1st Resistance Point 28.79
Last Price 28.71s
1st Support Level 28.57
2nd Support Level 28.42

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52-Week High 34.16
Fibonacci 61.8% 31.41
Fibonacci 50% 30.56
Fibonacci 38.2% 29.70
Last Price 28.71s
52-Week Low 26.95

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InsideFutures Commentary

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