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Soybean Meal Mar '18 (ZMH18)

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Soybean Meal Futures Market News and Commentary

Soybeans Market News and Commentary

Soybean futures are trading 3 to 4 cents lower on Friday. Dec soy meal is down $1.40/ton, with soy oil 16 points lower, as both nearby contracts expire today. Separate soybean export sales of 300,000 MT to China and another 130,000 MT to Unknown both for 18/19 delivery were reported through the USDA’s daily reporting system this morning. Export commitments for soybeans were 33.8% lower than a year ago as of December 6. They were just 48% of USDA’s full year projection prior to the Chinese buys, compared to the 75% average. Analysts estimated Monday’s NOPA report will show 168.444 mbu of soybeans crushed by its members during November. Soy oil stocks are projected to total 1.503 billion pounds. The Buenos Aires Grain Exchange estimated that 68.8% of the Argentine soybean crop is planted, above the 66.9% average pace. They also pegged the initial conditions at 19.1% gd/ex, vs. 49.3% gd/ex last year.Jan 19 Soybeans are at $9.03 3/4, down 3 1/4 cents,Mar 19 Soybeans are at $9.17 1/4, down 3 1/4 cents,May 19 Soybeans are at $9.30 1/4, down 3 cents,Jul 19 Soybeans are at $9.41 1/2, down 3 1/2 cents,Dec 18 Soybean Meal is at $309.40, down $1.40Dec 18 Soybean Oil is at $28.64, down $0.16--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

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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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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

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