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Soybean Meal Jan '24 (ZMF24)

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Soybean Meal Futures Market News and Commentary

Soybeans Propped Up by Meal Rally

Soybean futures are posting 9 to 18 cent gains so far on Thursday, as meal is helping to push things higher. Soymeal futures got a positive export sales report, with midday price action up $8.40/ton.  Soy Oil futures are the weak spot of the complex again today, with losses of 14 points in the front month.

A private export sale of 264,000 MT of soybeans was reported this morning to unknown destinations for 2024/25 shipment.

USDA’s Export Sales report was released this morning, with sales for 2023/24 at a 21-week low of just 88,649 MT, which was also below estimates running 100,000 to 400,000 MT. Sales for the new crop marketing year were on the high end of the 500,000 to 900,000 MT range at a MY high of 829,675 MT in the week ending 7/18, with 723,100 MT sold to unknown destinations.

Soybean meal sales were on the high end of the trade estimates, with 2023/24 sales at an 8-week high of 258,117 MT, with 520,886 MT sold for the next crop year, a MY high. Bean oil sal... 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
12/29/23
Expiration Date
01/12/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
220,889 (+12,629)
271,591 (-21,098)
Non-Commercials - Long / Short
131,194 (-12,448)
97,570 (+20,282)
Producers - Long / Short
107,205 (+5,598)
260,776 (-22,374)
Swap Dealers - Long / Short
104,013 (+5,334)
1,144 (-421)
Managed Money - Long / Short
106,928 (-14,283)
78,403 (+19,987)
Other Reportables - Long / Short
24,266 (+1,835)
19,167 (+295)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
351.3 unch
on 01/12/24
413.5 -15.04%
on 12/18/23
-59.0 (-14.38%)
since 12/12/23
3-Month
351.3 unch
on 01/12/24
460.6 -23.73%
on 11/15/23
-37.9 (-9.74%)
since 10/12/23
52-Week
351.3 unch
on 01/12/24
460.6 -23.73%
on 11/15/23
-56.7 (-13.90%)
since 01/12/23

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Most Recent Stories

More News
Shootin' the Bull about converging basis

The cash trading this week has seemingly caused futures to run towards it, converging basis. Without expectations of higher cash, I would not expect today's gains to hold.  The push to new highs in August...

Corn and Soybeans Rally Into the Last Trading Day of the Week

Corn and soybeans were higher in today's trade following better than expected new crop export data. These are the levels we are keeping an eye on as we head into Friday's trade.

Wheat Falling on Weaker Export Data

Wheat futures are trading with weaker action on Thursday across the three exchanges. Chicago SRW futures are down 6 to 8 cents at midday. Kansas City HRW contracts are down 4 to 6 cents. MPLS spring...

ZWU24 : 537-6s (-1.69%)
ZWZ24 : 562-4s (-1.49%)
KEU24 : 561-4s (-1.06%)
KEZ24 : 578-0s (-0.99%)
MWU24 : 603-6s (-1.15%)
Soybeans Propped Up by Meal Rally

Soybean futures are posting 9 to 18 cent gains so far on Thursday, as meal is helping to push things higher. Soymeal futures got a positive export sales report, with midday price action up $8.40/ton. ...

ZMZ24 : 329.2s (+2.68%)
ZLZ24 : 44.17s (+0.16%)
ZSQ24 : 1116-0s (+0.45%)
ZSPAUS.CM : 10.8947 (+0.24%)
ZSU24 : 1074-4s (+1.34%)
ZSX24 : 1079-4s (+1.46%)
ZSPX24US.CM : 10.2369 (+1.49%)
Corn Bulls Holding Higher on Thursday

Corn futures are trading with 2 to 4 cent gains so far through midday, as the week’s marginal rally continues. The Western Corn Belt remains dry for the next week, with some mild showers expected in...

ZCU24 : 406-0s (+0.56%)
ZCPAUS.CM : 3.9881 (+0.50%)
ZCZ24 : 420-6s (+0.66%)
ZCZ24 : 420-6s (+0.66%)
ZCPZ24US.CM : 3.9227 (+0.74%)
Corn Gains Limited to Fractional on Thursday Morning

Corn trade is showing fractional gains so far this morning. Futures rounded out the midweek session with fractional to 2 cent gains across most contracts. The Western Corn Belt remains dry for the next...

ZCU24 : 406-0s (+0.56%)
ZCPAUS.CM : 3.9881 (+0.50%)
ZCZ24 : 420-6s (+0.66%)
ZCZ24 : 420-6s (+0.66%)
ZCPZ24US.CM : 3.9227 (+0.74%)
Soybeans Starting Thursday with Slight Weakness

Soybean prices are down 1 to 2 cents going into the USDA weekly Export Sales report. Futures were down 6 to 12 cents at the close on Wednesday. Soymeal futures ended the day with gains of 70 cents to...

ZMZ24 : 329.2s (+2.68%)
ZLZ24 : 44.17s (+0.16%)
ZSQ24 : 1116-0s (+0.45%)
ZSPAUS.CM : 10.8947 (+0.24%)
ZSU24 : 1074-4s (+1.34%)
ZSX24 : 1079-4s (+1.46%)
ZSPX24US.CM : 10.2369 (+1.49%)
Wheat Bulls Sputtering Ahead of Export Sales Release

Wheat prices are trading lower ahead of this morning’s Export Sales report. They were mixed at the settle on Wednesday as price action shifted among the three exchanges. Chicago SRW futures led the...

ZWU24 : 537-6s (-1.69%)
ZWZ24 : 562-4s (-1.49%)
KEU24 : 561-4s (-1.06%)
KEZ24 : 578-0s (-0.99%)
MWU24 : 603-6s (-1.15%)
Corn Continue Strength on Wednesday

Corn futures rounded out the midweek session with contracts showing fractional to 2 cent gains across most contracts. The Western Corn Belt remains dry for the next week, with some mild showers expected...

ZCU24 : 406-0s (+0.56%)
ZCPAUS.CM : 3.9881 (+0.50%)
ZCZ24 : 420-6s (+0.66%)
ZCZ24 : 420-6s (+0.66%)
ZCPZ24US.CM : 3.9227 (+0.74%)
Soybeans Pull Back on Wednesday, with Weaker Bean Oil

Soybean futures faded off any early strength on Wednesday, as contracts were down 6 to 12 cents at the close. Soymeal futures ended the day with gains of 70 cents to $1.50. Soy Oil futures were the weak...

ZMZ24 : 329.2s (+2.68%)
ZLZ24 : 44.17s (+0.16%)
ZSQ24 : 1116-0s (+0.45%)
ZSPAUS.CM : 10.8947 (+0.24%)
ZSU24 : 1074-4s (+1.34%)
ZSX24 : 1079-4s (+1.46%)
ZSPX24US.CM : 10.2369 (+1.49%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 368.8
2nd Resistance Point 365.3
1st Resistance Point 358.3
Last Price 351.3s
1st Support Level 347.8
2nd Support Level 344.3
3rd Support Level 337.3

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52-Week High 460.6
Fibonacci 61.8% 418.8
Fibonacci 50% 406.0
Fibonacci 38.2% 393.1
Last Price 351.3s
52-Week Low 351.3

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