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Soybean Meal Mar '18 (ZMH18)

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Soybean Meal Futures Market News and Commentary


Soybean futures are currently 5 to 5 1/2 cents higher after closing 5 to 5 1/2 cents higher on Tuesday. Nearby soy meal was up $1/ton, with soy oil 19 points higher. USDA made no changes in the soybean balance sheet for the US yesterday, with 18/19 US carryout still 955 bu. The cash average price range for soybeans was narrowed by 50 cents to $7.85-9.35 but is still centered at $8.60. World ending stocks are now projected at 115.33 MMT by WAOB, 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.--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 Dec 4, 2018

View Chart Details
Commercials - Long / Short
227,707 (-14,584)
274,207 (-11,875)
Non-Commercials - Long / Short
88,793 (+239)
59,755 (-2,039)
Producers - Long / Short
125,591 (-15,124)
241,836 (-4,336)
Swap Dealers - Long / Short
76,491 (+5,926)
6,746 (-2,153)
Managed Money - Long / Short
50,168 (+577)
52,015 (-4,460)
Other Reportables - Long / Short
38,625 (-338)
7,740 (+2,421)
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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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Keeping it Simple

Sideways?

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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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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