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Soybean Jul '24 (ZSN24)

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Soybean Futures Market News and Commentary

Soybeans Posting Monday Strength

Soybean futures are rallying 4 to 10 cents across most contracts on Monday. Soymeal futures are still pressuring things from last week’s late weakness, as prices are down $3.20/ton in the July contract. Soy Oil is up 86 points at midday. 

The USDA Export Inspections report from this morning tallied 406,052 MT (15 mbu) of soybeans shipped during the week of 5/9. That was a 3-week high and more than double the same week last year. Of the total, 141,328 MT was headed to Egyptian importers, with 72,471 MT on its way to China. Cumulative export inspections are now 39.537 MMT (1.45 bbu), down 17.7% from a year ago. 

Weekly data from the CFTC showed large money managers in soybean futures + options slashing their net short position by 107,783 contracts as of May 7th, to just 41,453 contracts. That was the largest one week (Tuesday/Tuesday) move for specs on record. Data from the commercial side implied increased producer selling, as they flipped to a net short position of 46,88... Read more

Contract Specifications

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Contract
Soybean
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 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
$50
Margin/Maintenance
$2,640/2,400
First Notice Date
06/28/24 (46 days)
Expiration Date
07/12/24 (60 days)

Seasonal Chart

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

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
426,277 (-21,528)
351,954 (+72,825)
Non-Commercials - Long / Short
123,324 (+31,224)
183,372 (-71,071)
Producers - Long / Short
278,671 (-23,527)
324,726 (+66,201)
Swap Dealers - Long / Short
132,765 (+2,103)
12,387 (+6,728)
Managed Money - Long / Short
82,311 (+29,520)
112,481 (-81,547)
Other Reportables - Long / Short
41,013 (+1,704)
70,891 (+10,476)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
1145-6 +6.44%
on 04/19/24
1256-4 -2.94%
on 05/07/24
+32-6 (+2.76%)
since 04/12/24
3-Month
1140-4 +6.93%
on 02/29/24
1256-4 -2.94%
on 05/07/24
+18-0 (+1.50%)
since 02/13/24
52-Week
1140-4 +6.93%
on 02/29/24
1421-0 -14.18%
on 11/15/23
-28-6 (-2.30%)
since 05/12/23

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Soybeans Posting Monday Strength

Soybean futures are rallying 4 to 10 cents across most contracts on Monday. Soymeal futures are still pressuring things from last week’s late weakness, as prices are down $3.20/ton in the July contract....

ZMN24 : 366.5s (-1.45%)
ZLN24 : 45.15s (+1.60%)
ZSK24 : 1205-4s (+0.04%)
ZSPAUS.CM : 11.5668 (+0.05%)
ZSN24 : 1219-4s (+0.04%)
ZSX24 : 1212-2s (+0.54%)
ZSPX24US.CM : 11.5059 (+0.59%)
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Soybeans Lower to Start Week

Soybean prices on Monday morning are 3 to 5 cents in the red Futures headed higher into the weekend, as contracts were up anywhere from 1 ¾ to 12 ¼ cents across the board. Soymeal futures were down $1-$2.40/ton....

ZMN24 : 366.5s (-1.45%)
ZLN24 : 45.15s (+1.60%)
ZSK24 : 1205-4s (+0.04%)
ZSPAUS.CM : 11.5668 (+0.05%)
ZSN24 : 1219-4s (+0.04%)
ZSX24 : 1212-2s (+0.54%)
ZSPX24US.CM : 11.5059 (+0.59%)
Wheat Extending Highs to Start New Week

The wheat complex is trading with contracts in the green to start the new week. They saw stronger trade on Friday, with assistance from some bull friendly USDA numbers. Chicago contracts were up 18 ¼...

ZWK24 : 670-2s (+3.79%)
ZWN24 : 687-0s (+3.54%)
KEK24 : 724-0s (+3.84%)
KEN24 : 700-0s (+3.97%)
MWK24 : 745-0s (+5.19%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 1244-6
2nd Resistance Point 1236-4
1st Resistance Point 1228-0
Last Price 1219-4s
1st Support Level 1211-2
2nd Support Level 1203-0
3rd Support Level 1194-4

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52-Week High 1421-0
Fibonacci 61.8% 1313-7
Fibonacci 50% 1280-6
Fibonacci 38.2% 1247-5
Last Price 1219-4s
52-Week Low 1140-4

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