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Soybean Meal Mar '18 (ZMH18)

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Soybean Meal Futures Market News and Commentary


Soybean futures are trading 1 to 4 cents lower on Monday, ahead of Tuesday’s WASDE report. Nearby soy meal is up 20 cents/ton, with soy oil 9 points higher, improving the crush spread. A private export sale of 125,000 MT of soybeans to unknown was reported by the USDA this morning. Their weekly updated 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. MY to date, the inspections report has shown 521.04 mbu of soybeans shipped, down 41.17% from last year. A report from Bloomberg quoting anonymous surfaced and suggested China may buy 5-8 MMT of soybeans for state reserves and allow commercial users to purchase another 2 MMT with the tariff reimbursed. Official Chinese soybean imports in November were the smallest in two years at 5.4 MMT.Jan 19 Soybeans are at $9.12 3/4, down 4 cents,Mar 19 Soybeans are at $9.25 1/4, down 3 3/4 cents,May 19 Soybeans are at $9.37 3/4, down 4 cents,Jul 19 Soybeans are at $9.50, down 3 1/4 cents,Dec 18 Soybean Meal is at $309.30, up $0.20Dec 18 Soybean Oil is at $28.59, up $0.09--provided by Brugler Marketing & Management

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. (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$1,595/1,450
First Notice Date
02/28/18
Expiration Date
03/14/18 (expired)

Seasonal Chart

Soybean Meal 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
242,291 (-4,504)
286,082 (-18,817)
Non-Commercials - Long / Short
88,554 (-10,856)
61,794 (+1,525)
Producers - Long / Short
140,715 (-3,473)
246,172 (-21,180)
Swap Dealers - Long / Short
70,565 (-1,237)
8,899 (+2,157)
Managed Money - Long / Short
49,591 (-3,680)
56,475 (+4,428)
Other Reportables - Long / Short
38,963 (-7,176)
5,319 (-2,903)
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Price Performance

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Period Period Low Period High Performance
1-Month
368.3 unch
on 03/14/18
399.7 -7.86%
on 03/02/18
-1.6 (-0.43%)
since 02/14/18
3-Month
310.3 +18.69%
on 01/12/18
399.7 -7.86%
on 03/02/18
+42.7 (+13.11%)
since 12/14/17
52-Week
298.4 +23.42%
on 06/23/17
399.7 -7.86%
on 03/02/18
+42.7 (+13.11%)
since 03/14/17

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Barchart Technical Opinion

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

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

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Key Turning Points

2nd Resistance Point 378.7
1st Resistance Point 373.5
Last Price 368.3s
1st Support Level 365.7
2nd Support Level 363.1

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52-Week High 399.7
Last Price 368.3s
Fibonacci 61.8% 361.0
Fibonacci 50% 349.0
Fibonacci 38.2% 337.1
52-Week Low 298.4

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