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Soybean Oil Mar '24 (ZLH24)

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Soybean Oil Futures Market News and Commentary

Soybeans Back to Flirting with Losses After USDA Slashes Yield

Soybeans are fading off the post report highs by more than a dime after a yield cut saw double digit gains. Contracts are back down 3 to 4 cents at midday. CmdtyView’s national front month Cash Bean price is down 3 3/4 cents at $9.67 1/4. Soymeal futures are down 60 cents/ton on the session. Soy Oil futures are up 30 points on the day.

Private 2024/25 soybean export sales of 107,000 MT to China and 132,000 MT to unknown destinations were reported by the USDA this morning.

This morning’s Crop Production report saw NASS slash their US soybean crop projection, with yield down 1.4 bushel per acre at 51.7 bpa. That helped to tighten down the production total to 4.461 billion bushels, a 121 mbu reduction from October.

The sharp drop in production took the US ending stocks down by 80 mbu to 470 mbu. As for the demand side, crush was trimmed by 15 mbu to 2.41 bbu, with exports down 25 mbu to 1.825 bbu. For the world side, production out of South America was left unchanged.... 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
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Nov 5, 2024

View Chart Details
Commercials - Long / Short
271,065 (+12,063)
357,165 (+28,458)
Non-Commercials - Long / Short
161,106 (+7,349)
84,568 (-4,844)
Producers - Long / Short
121,100 (+9,944)
320,922 (+24,038)
Swap Dealers - Long / Short
125,519 (-1,305)
11,797 (+996)
Managed Money - Long / Short
105,853 (+14,216)
44,676 (-9,772)
Other Reportables - Long / Short
55,253 (-6,867)
39,892 (+4,928)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
43.57 +10.03%
on 02/23/24
48.01 -0.15%
on 03/14/24
+1.59 (+3.43%)
since 02/14/24
3-Month
43.57 +10.03%
on 02/23/24
51.69 -7.25%
on 12/20/23
-1.77 (-3.56%)
since 12/14/23
52-Week
43.57 +10.03%
on 02/23/24
64.53 -25.71%
on 07/24/23
-6.82 (-12.45%)
since 03/14/23

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Most Recent Stories

More News
Grains Rally on a Bullish WASDE Report

Grain markets finished the week on a high note following what was a friendly report from the USDA. Can the rally continue next week?

Shootin' the Bull about resolve

In my opinion, a great deal of resolve has been seen this week.  A new Presidential administration, the Fed lowered rates, and cattle/beef seemingly made highs for which few were willing to pay.

Soybeans Back to Flirting with Losses After USDA Slashes Yield

Soybeans are fading off the post report highs by more than a dime after a yield cut saw double digit gains. Contracts are back down 3 to 4 cents at midday. CmdtyView’s national front month Cash Bean...

ZLZ24 : 48.77s (+0.93%)
ZMZ24 : 296.2s (-0.77%)
ZSPAUS.CM : 9.7533 (+0.45%)
ZSX24 : 1016-6s (+0.12%)
ZSX24 : 1016-6s (+0.12%)
ZSF25 : 1030-2s (+0.39%)
Wheat Leaking Lower Following Uneventful USDA Reports

The wheat market is falling lower across the three exchanges on Friday after a dull USDA report. Chicago SRW futures are down 4 to 7 cents on the day. KC HRW contracts are 8 to 9 cents lower at midday....

KEH25 : 577-4s (-0.69%)
MWZ24 : 597-6s (-0.79%)
KEZ24 : 564-2s (-0.83%)
ZWZ24 : 572-4s (+0.17%)
ZWH25 : 587-4s (-0.25%)
Corn Holding onto Gains After Yield Cut

Following a bull friendly USDA report, midday price action has corn falling off is highs. Contracts are just fractionally higher as we trade through Friday. The national average Cash Corn price from cmdtyView...

ZCPAUS.CM : 4.0445 (+0.98%)
ZCZ24 : 431-0s (+0.82%)
ZCZ24 : 431-0s (+0.82%)
ZCH25 : 444-2s (+0.85%)
Crop Production

Crop Production - 2024-11-08

MWZ24 : 597-6s (-0.79%)
ZSF25 : 1030-2s (+0.39%)
XBH25 : 211.00s (+0.24%)
XEF25 : 76.70 (-0.08%)
SWH25 : 569.20s (-1.21%)
ZSBAUS.CM : -0.5491 (+0.69%)
ZOZ24 : 361-4s (-5.68%)
ZRF25 : 14.365s (-0.21%)
MLH25 : 226.75s (unch)
Y2X24 : 2,662s (unch)
ZCZ24 : 431-0s (+0.82%)
ZCDAUS-BIW.CM : 15,671,136 (unch)
WASDE

WASDE - 2024-11-08

KGZ24 : 0.7098 (-0.10%)
ZSF25 : 1030-2s (+0.39%)
KIF25 : 278.00s (-0.71%)
XBH25 : 211.00s (+0.24%)
KOF25 : 5,101s (+3.01%)
SWH25 : 569.20s (-1.21%)
ZSBAUS.CM : -0.5491 (+0.69%)
ZOZ24 : 361-4s (-5.68%)
BJZ24 : 1.8200 (-0.71%)
ZMZ24 : 296.2s (-0.77%)
MLH25 : 226.75s (unch)
ZCZ24 : 431-0s (+0.82%)
Wheat Mixed to Start Friday Trade

Wheat is showing mixed action so far on Friday morning. The wheat market fell lower across the three exchanges to close out the Thursday session. Chicago SRW futures were down 1 1/2 to 2 1/2 cents on the...

KEH25 : 577-4s (-0.69%)
MWZ24 : 597-6s (-0.79%)
KEZ24 : 564-2s (-0.83%)
ZWZ24 : 572-4s (+0.17%)
ZWH25 : 587-4s (-0.25%)
Corn Ticking Higher Ahead of USDA Reports

Corn is posting fractional to penny gains so far on Friday morning. Futures got some late session strength on Thursday to close with gains of ½ to 2 cents across the board. The national average Cash Corn...

ZCPAUS.CM : 4.0445 (+0.98%)
ZCZ24 : 431-0s (+0.82%)
ZCZ24 : 431-0s (+0.82%)
ZCH25 : 444-2s (+0.85%)
Soybeans Leaking Lower on Friday Morning

Soybeans are pulling back to kick off Friday, with losses of 3 to 7 ½ cents. Bulls found some more spark after midday to extend the strength into the close. Contracts rallied 16 to 22 ¾ cents on the...

ZLZ24 : 48.77s (+0.93%)
ZMZ24 : 296.2s (-0.77%)
ZSPAUS.CM : 9.7533 (+0.45%)
ZSX24 : 1016-6s (+0.12%)
ZSX24 : 1016-6s (+0.12%)
ZSF25 : 1030-2s (+0.39%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 48.06
2nd Resistance Point 48.03
1st Resistance Point 47.99
Last Price 47.94s
1st Support Level 47.92
2nd Support Level 47.89
3rd Support Level 47.85

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52-Week High 64.53
Fibonacci 61.8% 56.52
Fibonacci 50% 54.05
Fibonacci 38.2% 51.58
Last Price 47.94s
52-Week Low 43.57

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