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Soybean Meal Dec '24 (ZMZ24)

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Soybean Meal Futures Market News and Commentary

Soybeans Push Higher as Meal Rallies on Argentine Dryness Concerns

The soybean market took back most of the midweek losses on Thursday and Friday, with the latter session closing up 7 to 13 cents. January was still down 13 ¾ cents on the week. CmdtyView’s national front month Cash Bean price was up 11 1/4 cents at $9.24 ¾. Soymeal futures were up $6.60 to $11.20/ton, as January rallied $8.30 on the week. Soy Oil futures were down 8 to 54 points on the session, with the front month losing 313 points this week. 

Some weather forecasts are calling for limited rainfall in much of Argentina in the more extended 8-14 days, with the next week seeing light showers in the western half of the country. Brazil is expected to receive normal rainfall totals.

The weekly release of the CFTC Commitment of Traders report showed spec funds adding 17,932 contracts to their net long in soybean futures and options as of 12/17. That took their net position to 76,252 contracts. Specs in soybean meal were at a record net short as of Tuesday at 88,971 contracts.... Read more

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
$2,310/2,100
First Notice Date
11/29/24
Expiration Date
12/13/24 (expired)

Seasonal Chart

Soybean Meal Dec '24
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Dec 17, 2024

View Chart Details
Commercials - Long / Short
290,506 (+15,484)
269,028 (-973)
Non-Commercials - Long / Short
130,356 (-5,303)
175,200 (+10,313)
Producers - Long / Short
177,174 (+13,949)
257,232 (-1,220)
Swap Dealers - Long / Short
101,549 (+1,297)
13 (+9)
Managed Money - Long / Short
79,075 (-6,968)
165,853 (+10,154)
Other Reportables - Long / Short
51,281 (+1,665)
9,347 (+159)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
282.6 +0.53%
on 12/06/24
296.9 -4.31%
on 11/25/24
-7.5 (-2.57%)
since 11/13/24
3-Month
282.6 +0.53%
on 12/06/24
351.6 -19.20%
on 10/01/24
-38.8 (-12.02%)
since 09/13/24
52-Week
282.6 +0.53%
on 12/06/24
387.3 -26.65%
on 12/28/23
-99.0 (-25.84%)
since 12/13/23

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 284.8
2nd Resistance Point 284.6
1st Resistance Point 284.4
Last Price 284.1s
1st Support Level 284.0
2nd Support Level 283.8
3rd Support Level 283.6

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52-Week High 387.3
Fibonacci 61.8% 347.3
Fibonacci 50% 335.0
Fibonacci 38.2% 322.6
Last Price 284.1s
52-Week Low 282.6

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