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Soybean Meal May '18 (ZMK18)

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Soybean Meal Futures Market News and Commentary

Soybean Market News and Commentary

Soybean futures are down 4 to 5 cents at midday. Meal futures are $1.10/ton lower, with soy oil 7 points in the red. USDA showed Export Inspections of 841,888 MT to all destinations during the week of March 14. That was slightly lower than a week ago but 68.23% larger than the same week last year. Of that total, 268,930 MT was headed to China, with 173,737 MT shipped to Egypt. Spec funds added 39,895 contracts to their net short position in the week of 3/12, with the net position at -90,197 contracts on that date. Heavy rains have slowed the Brazilian harvest in Parana state (Brazil) but the country as a whole is still further advanced than average for this date. Safras & Mercado estimates Brazil’s soybean harvest at 61.8% complete, vs. the 55.1% average.May 19 Soybeans are at $9.04 1/2, down 4 3/4 cents,Jul 19 Soybeans are at $9.18, down 5 cents,Aug 19 Soybeans are at $9.24 1/4, down 4 1/2 cents,Sep 19 Soybeans are at $9.28 1/2, down 4 3/4 cents,May 19 Soybean Meal is at $309.70, down $1.10May 19 Soybean Oil is at $29.36, down $0.07--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. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$1,320/1,200
First Notice Date
04/30/18
Expiration Date
05/14/18 (expired)

Seasonal Chart

Soybean Meal May '18
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Mar 12, 2019

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Commercials - Long / Short
235,131 (+7,433)
226,666 (+2,392)
Non-Commercials - Long / Short
91,541 (+555)
107,332 (+3,335)
Producers - Long / Short
143,108 (+6,241)
190,678 (-70)
Swap Dealers - Long / Short
67,051 (-452)
11,016 (+818)
Managed Money - Long / Short
47,309 (+893)
91,598 (+3,981)
Other Reportables - Long / Short
44,232 (-338)
15,734 (-646)
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Price Performance

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Period Period Low Period High Performance
1-Month
369.5 +5.49%
on 04/24/18
404.9 -3.73%
on 05/02/18
+7.0 (+1.83%)
since 04/13/18
3-Month
358.0 +8.88%
on 03/20/18
404.9 -3.73%
on 05/02/18
+14.3 (+3.81%)
since 02/15/18
52-Week
299.6 +30.11%
on 06/23/17
404.9 -3.73%
on 05/02/18
+74.8 (+23.75%)
since 05/15/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 40% Buy with a Weakening short term outlook on maintaining the current direction.

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

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Key Turning Points

2nd Resistance Point 391.3
1st Resistance Point 390.6
Last Price 389.8s
1st Support Level 388.3
2nd Support Level 386.7

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52-Week High 404.9
Last Price 389.8s
Fibonacci 61.8% 364.7
Fibonacci 50% 352.3
Fibonacci 38.2% 339.8
52-Week Low 299.6

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