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Soybean Meal Jan '23 (ZMF23)

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Soybean Meal Futures Market News and Commentary

Soybeans Posts Friday Rebound, Helped by Record Crush Data

Soybean bulls fought back on Friday, as contracts settled the session with gains of 5 to 11 cents across the board. Nearby January was down 3.08% this week. CmdtyView’s national front month Cash Bean price was up 11 cents at $9.46 3/4. The products were playing a supportive role, with Soymeal futures up $1.30 to $2.60/ton and Soy Oil futures rallying 75 to 93 points on the session. China is expected to eliminate their tax rebate on exported used cooking oil starting on December 1. That should help to limit the amount of UCO imported for use as a feedstock in biodiesel.

NOPA data released this morning showed a record and better than expected October crush at 199.96 mbu among members. That was well above the estimated 196.84 mbu and 5.37% above October 2023. Stocks of bean oil were tallied at 1.069 billion lbs for October 31, below estimates and down 2.8% from last year at this time.

Weekly Export Sales data from this morning showed 1.555 MMT of soybean sales for 2024/25.... 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
12/30/22
Expiration Date
01/13/23 (expired)

Seasonal Chart

Soybean Meal Jan '23
Average Price Chart for 5 Prior Jan Contracts

Commitment of Traders Positions as of Nov 12, 2024

View Chart Details
Commercials - Long / Short
284,235 (+10,868)
320,772 (+8,796)
Non-Commercials - Long / Short
147,784 (+7,681)
135,278 (+9,499)
Producers - Long / Short
155,891 (+11,291)
299,416 (+5,818)
Swap Dealers - Long / Short
107,974 (-3,257)
986 (+144)
Managed Money - Long / Short
99,528 (-6,054)
124,986 (+12,666)
Other Reportables - Long / Short
48,256 (+13,735)
10,292 (-3,167)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
446.0 +15.02%
on 12/19/22
516.6 -0.70%
on 01/13/23
+60.7 (+13.42%)
since 12/13/22
3-Month
395.0 +29.87%
on 10/19/22
516.6 -0.70%
on 01/13/23
+106.1 (+26.08%)
since 10/13/22
52-Week
364.1 +40.90%
on 01/25/22
516.6 -0.70%
on 01/13/23
+132.6 (+34.86%)
since 01/13/22

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 519.0
2nd Resistance Point 517.8
1st Resistance Point 515.4
Last Price 513.0s
1st Support Level 511.8
2nd Support Level 510.6
3rd Support Level 508.2

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52-Week High 516.6
Last Price 513.0s
Fibonacci 61.8% 458.3
Fibonacci 50% 440.3
Fibonacci 38.2% 422.4
52-Week Low 364.1

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