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Soybean Meal Jan '24 (ZMF24)

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Soybean Meal 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 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 Dec 17, 2024

View Chart Details
Commercials - Long / Short
290,506 (+15,484)
269,028 (-973)
Non-Commercials - Long / Short
130,356 (-5,303)
175,200 (+10,313)
Producers - Long / Short
177,174 (+13,949)
257,232 (-1,220)
Swap Dealers - Long / Short
101,549 (+1,297)
13 (+9)
Managed Money - Long / Short
79,075 (-6,968)
165,853 (+10,154)
Other Reportables - Long / Short
51,281 (+1,665)
9,347 (+159)
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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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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