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Soybean Meal Jan '24 (ZMF24)

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Soybean Meal Futures Market News and Commentary

Soybeans Post Double Digit Losses on Thursday Facing Product Pressure

Soybeans failed to get much upside reaction to either the export business or better than expected Export Sales report from early on Thursday. Futures closed with losses of 7 ½ to 14 cents on the day. CmdtyView’s national front month Cash Bean price was down 12 1/4 cents at $9.27. Product pressure continues to be a factor. Soymeal futures were down $1.40 to $1.90/ton, with Soy Oil futures down another 85 to 110 points.

Rains are expected to continue in most of Brazil in the next week, though some are on the lighter side of the normal amounts for this period. 

USDA reported a private export sale of 198,000 MT of soybeans to China this morning for 2024/25, with another 135,000 MT to unknown. There was also 133,000 MT of soybean meal reported to the Philippines. 

The weekly Export Sales report from this morning tallied soybean sales at 1.861 MMT for 2024/25. That exceeded the trade range of estimate of 1 to 1.6 MMT in the week of 11/14. That was up 19.6% from last week... 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 Nov 12, 2024

View Chart Details
Commercials - Long / Short
284,235 (+10,868)
320,772 (+8,796)
Non-Commercials - Long / Short
147,784 (+7,681)
135,278 (+9,499)
Producers - Long / Short
155,891 (+11,291)
299,416 (+5,818)
Swap Dealers - Long / Short
107,974 (-3,257)
986 (+144)
Managed Money - Long / Short
99,528 (-6,054)
124,986 (+12,666)
Other Reportables - Long / Short
48,256 (+13,735)
10,292 (-3,167)
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
Corn and Coffee continue to have their highest carry yield for the past 52 weeks. Soybean Meal is now at its lowest level

Despite the high carry yield, front month Corn has yet to break through the declining trendline. Coffee, on the other hand, has broken through the upper channel and is aggressively breaking out.

Corn Analysis, 471.00 Target.

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

ZCH25 : 437-0 (+0.17%)
ZCZ24 : 427-4 (+0.18%)
Soybeans Post Double Digit Losses on Thursday Facing Product Pressure

Soybeans failed to get much upside reaction to either the export business or better than expected Export Sales report from early on Thursday. Futures closed with losses of 7 ½ to 14 cents on the day....

ZLF25 : 42.18 (-0.24%)
ZMF25 : 289.5 (+0.03%)
ZSPAUS.CM : 9.2711 (-1.28%)
ZSF25 : 978-4 (+0.08%)
ZSX24 : 985-6s (-1.84%)
ZSH25 : 985-6 (+0.05%)
Wheat Bulls Slip Up Amid Dollar Strength

The wheat complex was pressured lower on Thursday, with the US dollar index hitting a 1 year high, up 414 points. Chicago SRW futures were down 1 ½ to 3 3/4 cents across the board at the close. KC HRW...

KEH25 : 565-4 (-0.31%)
MWZ24 : 589-2 (+0.21%)
KEZ24 : 554-2 (-0.23%)
ZWZ24 : 547-4 (-0.23%)
ZWH25 : 568-0 (-0.26%)
Corn Closes with Weakness on Thursday

Corn posted Thursday losses at the close, with contracts down 3 ½ to 4 ½ cents across the board. Pressure mounted as the rest of the grains were lower and the US dollar index posted fresh 1 year highs....

ZCPAUS.CM : 4.0368 (-0.77%)
ZCZ24 : 427-4 (+0.18%)
ZCZ24 : 427-4 (+0.18%)
ZCH25 : 437-0 (+0.17%)
Recent Corn Rally Artificially Propped Up – What’s Next?

Corn prices appeared to have finally found a bottom from the summer sell-off. Speculators were short the market in record numbers until late August, when they began buying back contracts, convincing some...

ZCH25 : 437-0 (+0.17%)
CORN : 18.08 (-1.17%)
XNH25 : 437-0 (+0.17%)
Shootin' the Bull about a desire to own cattle

With a belief, not to be confused with fact, that a portion of the buying that has lifted the feeder cattle index, causing a flurry of activity in feeder cattle futures, is due to the desire to own cattle...

Corn Sliding at Midday, as Export Business as Expected

Corn is facing some midday pressure on Thursday as contracts are down 3 to 4 cents at midday. The national average Cash Corn price from cmdtyView was down 3 1/4 cents at $4.03 1/2 per bu. Export Sales...

ZCPAUS.CM : 4.0368 (-0.77%)
ZCZ24 : 427-4 (+0.18%)
ZCZ24 : 427-4 (+0.18%)
ZCH25 : 437-0 (+0.17%)
Soybeans Failing to Push Higher on Positive Export Data

Soybeans are failing to get much upside reaction to the export business announced this morning or the better than expected Export Sales report. Futures are down 12 to 14 cents at midday an near the intraday...

ZLF25 : 42.18 (-0.24%)
ZMF25 : 289.5 (+0.03%)
ZSPAUS.CM : 9.2711 (-1.28%)
ZSF25 : 978-4 (+0.08%)
ZSX24 : 985-6s (-1.84%)
ZSH25 : 985-6 (+0.05%)
Wheat Heading Lower on Thursday Amid Dollar Pressure

The three wheat markets are heading lower so far on Thursday, with the US dollar index hitting a 1 year high. Chicago SRW futures are down 1 to 2 cents across the nearbys. KC HRW contracts are closing...

KEH25 : 565-4 (-0.31%)
MWZ24 : 589-2 (+0.21%)
KEZ24 : 554-2 (-0.23%)
ZWZ24 : 547-4 (-0.23%)
ZWH25 : 568-0 (-0.26%)

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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