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Soybean Meal Jul '24 (ZMN24)

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Soybean Meal Futures Market News and Commentary

Soybean Rally Led by Bean Oil

Soybean trade continues to see strength this week, with futures closing 6 ¾ to 11 ½ cents higher across the board on Wednesday. Soymeal was down 20 to 70 cents/ton August and September contracts, with the rest anywhere from steady to $1.60 higher. Soy Oil continues to hold the complex up, with gains of 95 to 167 points. The market will open back up for an 8:30 am CDT hard open on Friday.

USDA reported a private export sale of 110,100 MT of soybeans to unknown destinations this morning, with 55,100 MT for old crop and 55,000 MT for new crop shipment. 

Estimates are running 200,000 to 600,000 MT for 23/24 sales ahead of Friday’s Export Sales report, with new crop in a range of 50,000 and 150,000 MT. Soy meal expectations are for 100,000 to 850,000 MT of combined sales for the current and the next MY, with bean oil ranging from net reductions of 5,000 to net sales of 25,000 MT. 

Soybean exports totaled 1.41 MMT (51.8 mbu) in May, with the third quarter total at 229 mb... 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
06/28/24
Expiration Date
07/12/24 (9 days)

Seasonal Chart

Soybean Meal Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Jun 25, 2024

View Chart Details
Commercials - Long / Short
191,411 (-915)
292,986 (-18,929)
Non-Commercials - Long / Short
148,158 (-3,216)
58,177 (+8,235)
Producers - Long / Short
87,248 (+186)
283,532 (-14,559)
Swap Dealers - Long / Short
97,812 (-210)
3,103 (-3,479)
Managed Money - Long / Short
129,367 (+498)
40,837 (+13,595)
Other Reportables - Long / Short
18,791 (-3,714)
17,340 (-5,360)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
354.7 +4.45%
on 06/07/24
375.2 -1.25%
on 06/24/24
+11.0 (+3.06%)
since 06/03/24
3-Month
331.4 +11.80%
on 04/04/24
391.3 -5.32%
on 05/28/24
+36.9 (+11.06%)
since 04/03/24
52-Week
326.7 +13.41%
on 02/29/24
434.2 -14.67%
on 11/08/23
-10.1 (-2.65%)
since 07/03/23

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Most Recent Stories

More News
Corn Closes with Slight Losses Ahead of Holiday

Corn futures settled with most contracts down ½ to 2 ½ cents on Wednesday, as July was up 1 ½ cents. The market will be closed on Thursday for Independence Day, with Friday a hard open at 8:30 am CDT....

ZCN24 : 403-4s (+0.37%)
ZCPAUS.CM : 3.9180 (-0.37%)
ZCU24 : 405-4s (-0.61%)
ZCZ24 : 419-4s (-0.42%)
ZCPZ24US.CM : 3.8972 (-0.42%)
Soybean Rally Led by Bean Oil

Soybean trade continues to see strength this week, with futures closing 6 ¾ to 11 ½ cents higher across the board on Wednesday. Soymeal was down 20 to 70 cents/ton August and September contracts, with...

ZMZ24 : 329.2s (+0.27%)
ZLZ24 : 47.91s (+2.55%)
ZSN24 : 1176-4s (+0.99%)
ZSPAUS.CM : 11.2008 (+0.68%)
ZSQ24 : 1157-6s (+0.65%)
ZSX24 : 1121-4s (+0.76%)
ZSPX24US.CM : 10.6021 (+0.81%)
Wheat Slides as Russian Crop Increases

The wheat market continued this week’s pullback into the holiday. Chicago futures were down 1 ¾ to 7 cents on the session. Kansas City contracts closed Wednesday with 5 ½ to 8 ¾ cent losses. Spring...

ZWN24 : 554-4s (-1.25%)
ZWU24 : 574-0s (-1.20%)
KEN24 : 581-4s (-1.94%)
KEU24 : 583-4s (-1.48%)
MWN24 : 621-0s (-1.11%)
Pure Hedge - Livestock and Grain

Happy 4th of July

Shootin' the Bull about significant spreads of every kind

Futures traders were no friends to the cattle feeder today.  Little in the way of premium on fat futures to work from, and higher feeder cattle prices to just add a little insult to injury.

Soybeans Rallying on Wednesday

Soybean trade is pushing higher on Wednesday, with contracts up 8 to 15 cents. Soymeal is 40 cents/ton in the front months, with Soy Oil up 79 to 159 points on the day. There were again zero deliveries...

ZMZ24 : 329.2s (+0.27%)
ZLZ24 : 47.91s (+2.55%)
ZSN24 : 1176-4s (+0.99%)
ZSPAUS.CM : 11.2008 (+0.68%)
ZSQ24 : 1157-6s (+0.65%)
ZSX24 : 1121-4s (+0.76%)
ZSPX24US.CM : 10.6021 (+0.81%)
Wheat Slipping Ahead of the Holiday

The wheat market is down at midday. Chicago futures are showing mixed action with July up 1 ½ cents and others heading lower. Kansas City futures are down 4 to 6 cents on Wednesday. MPLS spring wheat...

ZWN24 : 554-4s (-1.25%)
ZWU24 : 574-0s (-1.20%)
KEN24 : 581-4s (-1.94%)
KEU24 : 583-4s (-1.48%)
MWN24 : 621-0s (-1.11%)
Corn Holding Close to Unchanged at Midday

Corn prices are showing mixed trade on Wednesday, within a penny on unchanged ahead of the holiday. There were 31 contracts issued against July futures deliveries overnight, with Bunge stopping all of...

ZCN24 : 403-4s (+0.37%)
ZCPAUS.CM : 3.9180 (-0.37%)
ZCU24 : 405-4s (-0.61%)
ZCZ24 : 419-4s (-0.42%)
ZCPZ24US.CM : 3.8972 (-0.42%)
Wheat Mixed to Kick off Wednesday

The wheat market is posting mixed trade so far on Wednesday morning. They fell lower on the Tuesday session. Chicago futures gave back some of Monday’s gains with losses of 5 ¾ to 9 ¼ cents. Kansas...

ZWN24 : 554-4s (-1.25%)
ZWU24 : 574-0s (-1.20%)
KEN24 : 581-4s (-1.94%)
KEU24 : 583-4s (-1.48%)
MWN24 : 621-0s (-1.11%)
Corn Leaking Lower on Wednesday Morning

Corn prices are trading steady to down 1 ¼ cents so far on the day before the holiday break. Futures closed out the Tuesday session mixed, as contracts faded off the early strength. Front months were...

ZCN24 : 403-4s (+0.37%)
ZCPAUS.CM : 3.9180 (-0.37%)
ZCU24 : 405-4s (-0.61%)
ZCZ24 : 419-4s (-0.42%)
ZCPZ24US.CM : 3.8972 (-0.42%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 377.9
2nd Resistance Point 375.0
1st Resistance Point 372.8
Last Price 370.5s
1st Support Level 367.7
2nd Support Level 364.8
3rd Support Level 362.6

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52-Week High 434.2
Fibonacci 61.8% 393.1
Fibonacci 50% 380.4
Last Price 370.5s
Fibonacci 38.2% 367.8
52-Week Low 326.7

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