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Soybean Oil Aug '23 (ZLQ23)

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Soybean Oil Futures Market News and Commentary

Soybean Prices End Friday in the Red, Spec Funds Expand Bearish Positions

Soybean futures settled 1 ¼ to 7 ¼ lower on Friday, with the inverse (a.k.a backwardation) continuing to expand on good crusher demand for nearby beans and big expectations for 2024/25 global production.  Soymeal futures finished the day $.40 to $4.00 per ton lower. Soy Oil futures saw nearby August with a plus sign (+11) but the rest of the most active months were 5 to 36 lower. 

USDA reported another sale of 105,000 MT of meal to unknown destinations for 2024/25 this morning under the daily reporting system but that failed to move the market. 

Weekly Export Sales brought the 2023/24 MY to 45.36 MMT, which is 98% of the USDA projected full year export total. That is below the 103% average pace for this date. New crop sales have accumulated to 2.07 MMT, which is the lowest for the respective week in the marketing year in 20 years. This week’s large sale will help. Some Chinese buying is rumored for Oct-Nov, but they appear to have very comfortable stocks for the next 60-... 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
$1,980/1,800
First Notice Date
07/31/23
Expiration Date
08/14/23 (expired)

Seasonal Chart

Soybean Oil Aug '23
Average Price Chart for 5 Prior Aug Contracts

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
289,023 (+8,752)
295,952 (+5,538)
Non-Commercials - Long / Short
112,712 (-549)
110,681 (+3,897)
Producers - Long / Short
139,334 (+6,780)
284,086 (+4,955)
Swap Dealers - Long / Short
139,413 (+137)
1,590 (-1,252)
Managed Money - Long / Short
56,550 (-892)
71,568 (-1,347)
Other Reportables - Long / Short
56,162 (+343)
39,113 (+5,244)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
63.55 +4.36%
on 07/18/23
72.81 -8.91%
on 07/24/23
+1.27 (+1.95%)
since 07/14/23
3-Month
44.68 +48.43%
on 05/31/23
72.81 -8.91%
on 07/24/23
+16.97 (+34.39%)
since 05/12/23
52-Week
44.68 +48.43%
on 05/31/23
72.81 -8.91%
on 07/24/23
+1.86 (+2.89%)
since 08/12/22

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 68.03
2nd Resistance Point 67.17
1st Resistance Point 66.75
Last Price 66.32s
1st Support Level 65.47
2nd Support Level 64.61
3rd Support Level 64.19

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52-Week High 72.81
Last Price 66.32s
Fibonacci 61.8% 62.06
Fibonacci 50% 58.74
Fibonacci 38.2% 55.43
52-Week Low 44.68

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