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Soybean Meal Jul '24 (ZMN24)

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Soybean Meal Futures Market News and Commentary

Beans Pressured by Products Amid Lower Bean Oil Inclusion Rates

Soybeans posted double digit losses on Tuesday, with contracts down 15 ¼ to 19 ¾ cents across the board. Soymeal was down $1.80 to $3/ton at the close. Soy Oil was in freefall mode, down another 69 to 140 points and hitting new contract lows. 

EIA reported that just 888 million lbs of bean oil was used in biodiesel production in February. That was down from 960 million lbs in January and was the lowest monthly use total since December 2022. Meanwhile, tallow and yellow grease inclusion has been rising for the last several months. As for bean oil stocks at the end of March, the trade is estimating 2.294 billion lbs. Traders are also expecting soy crush during March at 205.97 mbu ahead of tomorrow afternoon’s USDA report.

On Tuesday, the Biden administration released its guidance on SAF feedstock, allowing soy-based biodiesel to qualify only if producers use practices such as no-till and cover cropping. 

Across the US, only ND had no reported planting pace, which is... 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
$2,090/1,900
First Notice Date
06/28/24 (58 days)
Expiration Date
07/12/24 (72 days)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
211,556 (-12,287)
243,116 (+16,921)
Non-Commercials - Long / Short
120,442 (+18,194)
105,999 (-9,081)
Producers - Long / Short
110,658 (-10,443)
234,128 (+15,271)
Swap Dealers - Long / Short
96,441 (-3,087)
4,531 (+407)
Managed Money - Long / Short
99,851 (+17,526)
78,442 (-13,620)
Other Reportables - Long / Short
20,591 (+668)
27,557 (+4,539)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
328.9 +5.47%
on 04/03/24
361.4 -4.01%
on 04/30/24
+9.6 (+2.85%)
since 04/01/24
3-Month
326.7 +6.18%
on 02/29/24
363.6 -4.59%
on 02/02/24
-13.4 (-3.72%)
since 02/01/24
52-Week
326.7 +6.18%
on 02/29/24
434.2 -20.11%
on 11/08/23
-47.7 (-12.09%)
since 05/01/23

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Beans Pressured by Products Amid Lower Bean Oil Inclusion Rates

Soybeans posted double digit losses on Tuesday, with contracts down 15 ¼ to 19 ¾ cents across the board. Soymeal was down $1.80 to $3/ton at the close. Soy Oil was in freefall mode, down another 69 to...

ZMN24 : 346.9 (-1.42%)
ZLN24 : 43.25 (+0.56%)
ZSK24 : 1141-4 (-0.35%)
ZSPAUS.CM : 10.9779 (-0.27%)
ZSN24 : 1160-0 (-0.26%)
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ZSPX24US.CM : 10.9569 (-0.30%)
Wheat Falls into Month End

The wheat market fell flat into month end on Tuesday. Kansas City led the way with losses of 6 to 15 ¼ cents and in delivery May down 21. Chicago contracts were down 3 to 7 ¼ cents across the nearbys...

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ZWN24 : 603-4 (+0.04%)
KEK24 : 622-6s (-3.26%)
KEN24 : 629-4 (-0.91%)
MWK24 : 707-6 (-0.35%)
Corn Closes Lower Ahead of SAF Announcement

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Corn Pulled Lower on Tuesday

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Bean Oil Pressuring Soy Complex Lower as Inclusion Rates Fall

Soybeans are posting double digit weakness on Tuesday, with pressure coming from the product values. Soybean futures price limits are going to trimmed by a dime to 85 cents on Wednesday, with the CME....

ZMN24 : 346.9 (-1.42%)
ZLN24 : 43.25 (+0.56%)
ZSK24 : 1141-4 (-0.35%)
ZSPAUS.CM : 10.9779 (-0.27%)
ZSN24 : 1160-0 (-0.26%)
ZSX24 : 1157-0 (-0.22%)
ZSPX24US.CM : 10.9569 (-0.30%)
Wheat Falling on Tuesday

The wheat market is facing pressure at midday. Kansas City futures are leading the way lower, with losses of 12 to 18 ¾ cents. Chicago contracts are down 4 to 10 cents at midday. MPLS spring wheat is...

ZWK24 : 585-0s (-0.89%)
ZWN24 : 603-4 (+0.04%)
KEK24 : 622-6s (-3.26%)
KEN24 : 629-4 (-0.91%)
MWK24 : 707-6 (-0.35%)
Wheat Extends Pullback to Tuesday Morning

The wheat market is showing weakness again on Tuesday after a round of overnight trade. Futures backed off in the winter wheat contracts to start off the week. Chicago contracts were down 4 ½ to 13 ¾...

ZWK24 : 585-0s (-0.89%)
ZWN24 : 603-4 (+0.04%)
KEK24 : 622-6s (-3.26%)
KEN24 : 629-4 (-0.91%)
MWK24 : 707-6 (-0.35%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 374.1
2nd Resistance Point 367.8
1st Resistance Point 359.8
Last Price 346.8
1st Support Level 345.5
2nd Support Level 339.2
3rd Support Level 331.2

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52-Week High 434.2
Fibonacci 61.8% 393.1
Fibonacci 50% 380.4
Fibonacci 38.2% 367.8
Last Price 346.8
52-Week Low 326.7

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