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Soybean Oil May '24 (ZLK24)

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Soybean Oil Futures Market News and Commentary

Soybeans Pull Back from Highs, Close with Gains on Bullish USDA Data

Soybeans faded the initial gains post USDA report release this morning, but bulls managed to close the day with contracts up 1 ¼ to 6 cents across most contracts on Friday. January closed out the week with a 36 ½ cent gain since last Friday. CmdtyView’s national front month Cash Bean price was up 4 1/2 cents at $9.75 1/2. Soymeal futures provided some pressure with losses of $1.70 to $2.30/ton on the session. Soy Oil futures gave the complex some strength, with 45 to 64 point gains across the board. 

Private 2024/25 soybean export sales of 107,000 MT to China and 132,000 MT to unknown destinations were reported by the USDA this morning.

This morning’s Crop Production report saw NASS slash their US soybean crop projection, with yield down 1.4 bushel per acre at 51.7 bpa. That helped to tighten down the production total to 4.461 billion bushels, a 121 mbu reduction from October.

The sharp drop in production took the US ending stocks down by 80 mbu to 470 mbu. As for... Read more

Contract Specifications

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Contract
Soybean Oil
Contract Size
60,000 pounds
Tick Size
0.01 points ($6.00 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
$600
Margin/Maintenance
$1,870/1,700
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

Soybean Oil May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Nov 5, 2024

View Chart Details
Commercials - Long / Short
271,065 (+12,063)
357,165 (+28,458)
Non-Commercials - Long / Short
161,106 (+7,349)
84,568 (-4,844)
Producers - Long / Short
121,100 (+9,944)
320,922 (+24,038)
Swap Dealers - Long / Short
125,519 (-1,305)
11,797 (+996)
Managed Money - Long / Short
105,853 (+14,216)
44,676 (-9,772)
Other Reportables - Long / Short
55,253 (-6,867)
39,892 (+4,928)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
41.99 +1.64%
on 04/30/24
46.32 -7.86%
on 04/15/24
-3.21 (-6.99%)
since 04/12/24
3-Month
41.99 +1.64%
on 04/30/24
49.80 -14.30%
on 03/18/24
-4.25 (-9.06%)
since 02/14/24
52-Week
41.99 +1.64%
on 04/30/24
64.03 -33.34%
on 07/24/23
-5.36 (-11.16%)
since 05/12/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 42.68
2nd Resistance Point 42.68
1st Resistance Point 42.68
Last Price 42.68s
1st Support Level 42.68
2nd Support Level 42.68
3rd Support Level 42.68

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52-Week High 64.03
Fibonacci 61.8% 55.61
Fibonacci 50% 53.01
Fibonacci 38.2% 50.41
Last Price 42.68s
52-Week Low 41.99

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