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Soybean Meal May '23 (ZMK23)

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Soybean Meal Futures Market News and Commentary

Soybeans Post Gains on Tuesday

Soybeans closed out the Tuesday session with contracts up 5 to 8 cents across the nearbys on Tuesday. Soymeal futures were up $1.20 to $5.20 per ton. Soy Oil contracts were back down 2 to 55 points across most contracts at the close. 

Crop Progress data soybean condition ratings were down 1% to 67% good/excellent, as the Brugler500 index was down 3 points to 369. Most of the major states saw some deterioration, with Ohio dropping 22 points on the Brugler500 index and Illinois down 14 points to lead the way. Missouri was down 6 points, with Nebraska and Minnesota falling 5 points. Indiana and Iowa were down 1 point, with North Dakota up 11 points and South Dakota 6 points higher. 

Soybean imports by the EU have totaled 1.77 MMT from July 1 through August 23. That is down from the 2.3 MMT from a year ago in that same period. Canadian canola production is expected to be tallied at 19.2 MMT tomorrow morning, which would be up from last year. Soybean production is seen at 7.2... 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
$2,200/2,000
First Notice Date
04/28/23
Expiration Date
05/12/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Aug 20, 2024

View Chart Details
Commercials - Long / Short
247,393 (+855)
281,590 (+7,346)
Non-Commercials - Long / Short
118,191 (+7,433)
104,617 (+3,274)
Producers - Long / Short
124,951 (-2,007)
266,184 (+5,778)
Swap Dealers - Long / Short
107,977 (+658)
941 (-636)
Managed Money - Long / Short
91,011 (+5,802)
85,244 (+3,462)
Other Reportables - Long / Short
27,180 (+1,631)
19,373 (-188)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
415.0 +3.16%
on 05/11/23
471.1 -9.13%
on 04/18/23
-32.1 (-6.98%)
since 04/12/23
3-Month
415.0 +3.16%
on 05/11/23
498.0 -14.04%
on 03/07/23
-52.1 (-10.85%)
since 02/10/23
52-Week
373.1 +14.74%
on 07/05/22
498.0 -14.04%
on 03/07/23
+43.8 (+11.40%)
since 05/12/22

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 430.0
2nd Resistance Point 429.0
1st Resistance Point 428.6
Last Price 428.1s
1st Support Level 427.2
2nd Support Level 426.2
3rd Support Level 425.8

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52-Week High 498.0
Fibonacci 61.8% 450.3
Fibonacci 50% 435.5
Last Price 428.1s
Fibonacci 38.2% 420.8
52-Week Low 373.1

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