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Soybean Meal May '23 (ZMK23)

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Soybean Meal Futures Market News and Commentary

Soybeans Extending Gains into Tuesday

Soybeans are posting of 4 to 6 cent gains as we trade trough Tuesday’s midday, adding onto Monday’s strength. Soymeal futures are up $4.20 per ton. Soy Oil contracts are back down 34 points in the September contract.

Crop Progress data showed 89% of the US soybean crop setting pods, 1% above normal, with 6% dropping leaves, 2% faster than normal. Soybean condition ratings were down 1% to 67% good/excellent, as the Brugler500 index was down 3 points to 369. 

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. 

Sep 24 Soybeans  are at $9.65 1/4, up 5 1/2 cents,

Nearby Cash  is at $9.38 1/2, up 3 1/2 cents,

Nov 24 Soybeans  are at $9.85 1/4, up 4 1/2 cents,

Mar 25 Soybeans  are at $10.17, up 4 3/4 cents,

New Crop Cash  is at $9.28 3/8, up 4 1/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) position... 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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Soybeans Extending Gains into Tuesday

Soybeans are posting of 4 to 6 cent gains as we trade trough Tuesday’s midday, adding onto Monday’s strength. Soymeal futures are up $4.20 per ton. Soy Oil contracts are back down 34 points in the...

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ZSPAUS.CM : 9.3903 (+0.42%)
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Grain Markets Struggled to Start the Week as Lack of New News Keeps Bears in Control

The lack of any new meaningful news has kept a lid on grain market relief rallies as of late. However, soybeans have been defending the lows from two weeks ago which is a welcomed sign.

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ZCPZ24US.CM : 3.6521 (+1.79%)
Wheat Mixed on Tuesday AM

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ZWU24 : 508-2s (+2.06%)
ZWZ24 : 535-4s (+2.00%)
KEU24 : 538-6s (+2.62%)
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Soybeans Slightly Higher on Tuesday Morning

Soybeans are showing some slight strength to kick of Tuesday morning trade, with gains of 1 to 2 cents. They started out weaker on Sunday night, but saw gains as the final bell rang on Monday afternoon....

ZMZ24 : 312.2s (+1.30%)
ZLZ24 : 40.42s (-0.81%)
ZSU24 : 967-4s (+0.81%)
ZSPAUS.CM : 9.3903 (+0.42%)
ZSX24 : 986-4s (+0.59%)
ZSX24 : 986-4s (+0.59%)
ZSPX24US.CM : 9.2573 (+0.67%)

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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