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Soybean Oil Aug '24 (ZLQ24)

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Soybean Oil 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 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
07/31/24
Expiration Date
08/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Dec 17, 2024

View Chart Details
Commercials - Long / Short
299,589 (+1,324)
334,155 (-14,861)
Non-Commercials - Long / Short
142,261 (-2,083)
108,911 (+7,430)
Producers - Long / Short
157,459 (+1,174)
298,137 (-17,118)
Swap Dealers - Long / Short
114,760 (-2,823)
8,648 (-716)
Managed Money - Long / Short
70,972 (-7,540)
69,590 (+4,365)
Other Reportables - Long / Short
71,289 (+5,457)
39,321 (+3,065)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
40.05 unch
on 08/14/24
47.37 -15.45%
on 07/17/24
-6.60 (-14.15%)
since 07/12/24
3-Month
40.05 unch
on 08/14/24
49.78 -19.55%
on 07/05/24
-3.66 (-8.37%)
since 05/14/24
52-Week
40.05 unch
on 08/14/24
61.84 -35.24%
on 08/21/23
-18.55 (-31.66%)
since 08/14/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 40.05
2nd Resistance Point 40.05
1st Resistance Point 40.05
Last Price 40.05s
1st Support Level 40.05
2nd Support Level 40.05
3rd Support Level 40.05

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52-Week High 61.84
Fibonacci 61.8% 53.52
Fibonacci 50% 50.94
Fibonacci 38.2% 48.37
Last Price 40.05s
52-Week Low 40.05

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