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Soybean Meal Jul '24 (ZMN24)

368.5s -9.9 (-2.62%) 07/12/24 [CBOT]
N/A x N/A N/A x N/A
underlying price ()
Quote Overview for Fri, Jul 12th, 2024
Day Low
368.5
Day High
373.1
Open 373.1
Previous Close 378.4 378.4
Volume 34 34
Open Interest 45 45
Stochastic %K 54.16% 54.16%
Weighted Alpha -3.04 -3.04
5-Day Change -18.5 (-4.78%) -18.5 (-4.78%)
52-Week Range 326.7 - 434.2 326.7 - 434.2
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Soybean Meal Futures Market News and Commentary

Soybeans Continue Losses on Tariff Escalation

Soybeans were in full collapse mode on Friday, as contracts were down 32 to 35 cents across most contracts. May lost 46 cents on the week, with November down 44 ¾ cents. CmdtyView’s national front month Cash Bean price was down 34 1/4 cents at $9.21. Soymeal futures were down $1.90 to $5.70/ton, with Soy Oil futures back down 122 to 139 points.

In response to President Trump’s reciprocal tariffs, China issued a retaliatory tariff of 34% on all US goods overnight. There are just under 600,000 MT in unshipped sales to China, with 2.02 MMT in unshipped sales to unknown destinations (some of which may include China). 

Friday afternoon’s Commitment of Traders report indicated spec traders in soybean future and options cutting back 13,112 contracts from their net short as of Tuesday. They held a net short of 29,847 contracts as of April 1.

The USDA Export Sales report showed 46.17 MMT in commitments as of March 27, which is 14% above the same period last year. That is 93... 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
06/28/24
Expiration Date
07/12/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 1, 2025

View Chart Details
Commercials - Long / Short
301,211 (+6,850)
266,829 (+3,827)
Non-Commercials - Long / Short
108,052 (+7,682)
162,352 (+12,704)
Producers - Long / Short
162,900 (+278)
242,624 (+741)
Swap Dealers - Long / Short
114,106 (+3,468)
0 (-18)
Managed Money - Long / Short
53,227 (-2,047)
151,682 (+13,922)
Other Reportables - Long / Short
54,825 (+9,729)
10,670 (-1,218)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
357.2 +3.16%
on 06/20/24
Period Open: 360.2
388.9 -5.25%
on 07/05/24
+8.3 (+2.30%)
since 06/12/24
3-Month
336.4 +9.54%
on 04/18/24
Period Open: 344.1
391.3 -5.83%
on 05/28/24
+24.4 (+7.09%)
since 04/12/24
52-Week
326.7 +12.79%
on 02/29/24
Period Open: 375.1
434.2 -15.13%
on 11/08/23
-6.6 (-1.76%)
since 07/12/23

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Soybeans Continue Losses on Tariff Escalation

Soybeans were in full collapse mode on Friday, as contracts were down 32 to 35 cents across most contracts. May lost 46 cents on the week, with November down 44 ¾ cents. CmdtyView’s national front month...

ZSPX25US.CM : 9.2165 (-3.38%)
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Corn futures are up 3 to 5 cents in most nearby contracts on Friday. New crop December is weighed down by bean losses as they try not to attract too many more acres. The CmdtyView national average Cash...

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Wheat Weaker at Friday’s Midday

The wheat complex is continuing the weaker trend on Friday, with contracts down across the three markets. Chicago SRW futures are down 2 to 4 cents so far on the day. Kansas City HRW contracts are 8 to...

KEN25 : 570-0s (-1.85%)
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ZWK25 : 529-0s (-1.31%)
ZWN25 : 542-6s (-1.32%)
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Corn Leaking Lower on Risk Off Ahead of Weekend

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Soybeans Collapsing on Tariff Response

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Wheat Weaker to Start Friday

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KEN25 : 570-0s (-1.85%)
MWK25 : 584-4s (-1.14%)
KEK25 : 557-4s (-2.02%)
ZWK25 : 529-0s (-1.31%)
ZWN25 : 542-6s (-1.32%)
Wheat Closes Mixed on Thursday

Wheat futures took back most of the overnight weakness, with contracts closing mixed across the three exchanges. Chicago SRW futures were down 2 to 4 cents to close out the day. Kansas City HRW contracts...

KEN25 : 570-0s (-1.85%)
MWK25 : 584-4s (-1.14%)
KEK25 : 557-4s (-2.02%)
ZWK25 : 529-0s (-1.31%)
ZWN25 : 542-6s (-1.32%)
Soybeans Close with Losses on Tariff Risks

Soybeans closed the Thursday session with losses of 18 to 20 cents after a gap lower at the open. CmdtyView’s national front month Cash Bean price is down 17 3/4 cents at $9.54 1/4. Soymeal futures were...

ZSPX25US.CM : 9.2165 (-3.38%)
ZLK25 : 45.84s (-2.59%)
ZMK25 : 283.1s (-1.70%)
ZSPAUS.CM : 9.2102 (-3.58%)
ZSK25 : 977-0s (-3.41%)
ZSX25 : 984-2s (-3.22%)
ZSN25 : 993-0s (-3.24%)
Corn Closes With Mixed Action on Thursdays

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ZCPAUS.CM : 4.3086 (+0.85%)
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ZCN25 : 467-2s (+0.38%)
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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Average Signal Strength.

Key Turning Points

3rd Resistance Point 376.2
2nd Resistance Point 374.6
1st Resistance Point 371.6
Last Price 368.5s
1st Support Level 367.0
2nd Support Level 365.4
3rd Support Level 362.4

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52-Week High 434.2
Fibonacci 61.8% 393.1
Fibonacci 50% 380.4
Last Price 368.5s
Fibonacci 38.2% 367.8
52-Week Low 326.7

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