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Soybean Meal Mar '23 (ZMH23)

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Soybean Meal Futures Market News and Commentary

Soybeans Collapse on Friday as Bulls Limited Ammo Dries Up

Soybeans gave back all of the gains in the August contract for this week and most of November’s on Friday, as contracts fell 28 to 38 ½ cents into the close. Product pressure was in play, especially from the Soy Oil futures, which were down 219 points. Soymeal futures were down $1 to $1.40/ton.

The weekly update from CFTC showed the managed money spec funds in soybeans cutting back 22,091 contracts from their previously record net short in soybean futures and options. That stood at 163,569 contracts on July 23. Commercials were also backing off a record net long by 31,652 contracts to 49,610 contracts on that date, mainly on longs exiting.

USDA’s Export Sales report shows the total commitments for soybean export at 45.31 MMT, or 98% complete of USDA’s forecast total. The average pace would be 103% for this week. Accumulated exports for the year are sitting at 91% of USDA’s projection with just a month and a half left in the marketing year as the 5-year average is 92%. Lo... 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
02/28/23
Expiration Date
03/14/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 23, 2024

View Chart Details
Commercials - Long / Short
229,711 (+8,822)
271,247 (-344)
Non-Commercials - Long / Short
125,500 (-5,694)
101,600 (+4,030)
Producers - Long / Short
111,992 (+4,787)
260,163 (-613)
Swap Dealers - Long / Short
106,932 (+2,919)
297 (-847)
Managed Money - Long / Short
98,595 (-8,333)
82,036 (+3,633)
Other Reportables - Long / Short
26,905 (+2,639)
19,564 (+397)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
485.7 +1.34%
on 02/28/23
510.8 -3.64%
on 03/07/23
-8.8 (-1.76%)
since 02/14/23
3-Month
443.4 +11.01%
on 12/19/22
510.8 -3.64%
on 03/07/23
+36.0 (+7.89%)
since 12/14/22
52-Week
374.3 +31.50%
on 07/05/22
510.8 -3.64%
on 03/07/23
+86.7 (+21.38%)
since 03/14/22

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 498.5
2nd Resistance Point 495.3
1st Resistance Point 493.8
Last Price 492.2s
1st Support Level 489.1
2nd Support Level 485.9
3rd Support Level 484.4

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52-Week High 510.8
Last Price 492.2s
Fibonacci 61.8% 458.7
Fibonacci 50% 442.5
Fibonacci 38.2% 426.4
52-Week Low 374.3

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