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Soybean Meal Mar '24 (ZMH24)
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Soybean Meal Futures Market News and Commentary

Beans and Soybean Oil Closed Stronger on Report Day

Soy futures were mixed on USDA’s report day, with a Soy oil rally. The triple digit gains of as much as 2.5% helped soybeans stay in the black as well. Front month soybean futures were 1 ¾ to 4 ½ cents higher at the bell. Soymeal futures closed the session with $4.10 to $5.10 losses. re another 1% lower through Thursday. USDA reduced the cash average price for soybeans by a dime to $12.65, the soy oil price by 3 cents to 51 c/lb, and left the meal price UNCH at $380/ton. 

USDA’s updated WASDE data had 35 mbu fewer soybean exports, which built carryout by the same amount. The only other S&D adjustment was a 1 mbu larger seed use, which came out of residual use. The trade was on average looking for a 4.6 mbu looser carryout, though at 315 mbu is still the loosest since 19/20. 

The global updates reduced world soybean output by 770k MT to 398.2 MMT. USDA cut Brazil by 1 MMT to 156, though CONAB cut Brazil’s soybean production 5.9 MMT to 149.4 MMT - via a yield cut of 1.7 bp... 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
02/29/24 (21 days)
Expiration Date
03/14/24 (35 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jan 30, 2024

View Chart Details
Commercials - Long / Short
247,263 (+5,000)
229,381 (-6,762)
Non-Commercials - Long / Short
72,409 (-9,050)
106,341 (+4,266)
Producers - Long / Short
137,815 (+2,975)
221,068 (-8,222)
Swap Dealers - Long / Short
101,187 (+565)
52 (unch)
Managed Money - Long / Short
52,395 (-3,222)
70,186 (+1,345)
Other Reportables - Long / Short
20,014 (-5,828)
36,155 (+2,921)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
343.5 +0.64%
on 02/08/24
373.6 -7.47%
on 01/17/24
-21.9 (-5.96%)
since 01/09/24
3-Month
343.5 +0.64%
on 02/08/24
445.1 -22.33%
on 11/13/23
-80.0 (-18.79%)
since 11/09/23
52-Week
343.5 +0.64%
on 02/08/24
445.1 -22.33%
on 11/13/23
-57.2 (-14.20%)
since 02/09/23

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Most Recent Stories

More News
Beans and Soybean Oil Closed Stronger on Report Day

Soy futures were mixed on USDA’s report day, with a Soy oil rally. The triple digit gains of as much as 2.5% helped soybeans stay in the black as well. Front month soybean futures were 1 ¾ to 4 ½ cents...

ZLH24 : 47.95 (+0.02%)
ZMH24 : 345.7 (-0.40%)
ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSK24 : 1198-6 (-0.08%)
ZSN24 : 1208-4 (unch)
Red Close for Corn after Report Day

Corn prices sold off at 9AM into the report, but (after an initial spike lower) had recovered back to positive territory. An afternoon fade into the close left the board a penny to 1 ½ cents lower across...

ZCH24 : 432-2 (-0.23%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCK24 : 443-6 (-0.28%)
ZCN24 : 453-0 (-0.22%)
Wheat Futures Fall 2% on Thursday

Front month wheat futures ended the day with double digit losses of over 2% across all three domestic classes. Chicago was 13 to 14 cents lower and are now sub-$6 through Sep. KC futures ended the day...

ZWH24 : 588-6 (unch)
ZWK24 : 593-4 (unch)
KEH24 : 599-2 (-0.29%)
MWH24 : 681-6 (-0.29%)
Grain Markets Digest Today's USDA Report

With the USDA report behind us, what's next for the markets?

Wheat Futures Down 2% on Thursday

The midday wheat market quotes are 1.5% to 2.2% in the red across the U.S. futures. Chicago prices are 9 ½ to 11 cents lower on the looser U.S. carryout forecast. KC HRW futures are currently working...

ZWH24 : 588-6 (unch)
ZWK24 : 593-4 (unch)
KEH24 : 599-2 (-0.29%)
MWH24 : 681-6 (-0.29%)
Corn Reacted Bearishly, Rebounded for Midday

Midday corn prices are sitting fractionally to 1 ½ cents in the black. Futures were in the black through the morning, before dropping on the WASDE reaction. Traders added 25.4k new option positions in...

ZCH24 : 432-2 (-0.23%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCK24 : 443-6 (-0.28%)
ZCN24 : 453-0 (-0.22%)
Soy Market Mixed on Report Day

The Soy oil futures are rallying by triple digits through midday, propping up the bean market. Soybeans are fractionally in the black for midday. The report reaction had given most of the early ssessiongains...

ZLH24 : 47.95 (+0.02%)
ZMH24 : 345.7 (-0.40%)
ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSK24 : 1198-6 (-0.08%)
ZSN24 : 1208-4 (unch)
Crop Production

Crop Production - 2024-02-08

ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSBAUS.CM : -0.5321 (-0.15%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSH24 : 3,612s (-0.61%)
XTH24 : 4,784s (+0.19%)
ZCH24 : 432-2 (-0.23%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCBAUS.CM : -0.1955 (-0.72%)
XVK24 : 2,408s (unch)
XEU24 : 65.05 (+0.34%)
WASDE

WASDE - 2024-02-08

ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSBAUS.CM : -0.5321 (-0.15%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSH24 : 3,612s (-0.61%)
XTH24 : 4,784s (+0.19%)
ZCH24 : 432-2 (-0.23%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCBAUS.CM : -0.1955 (-0.72%)
XVK24 : 2,408s (unch)
XEU24 : 65.05 (+0.34%)
All Eyes on Today’s USDA Report

Grain markets are quiet in the early morning trade as traders gear up for today’s USDA report.

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 364.4
2nd Resistance Point 359.5
1st Resistance Point 353.3
Last Price 345.8
1st Support Level 342.2
2nd Support Level 337.3
3rd Support Level 331.1

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52-Week High 445.1
Fibonacci 61.8% 406.3
Fibonacci 50% 394.3
Fibonacci 38.2% 382.3
Last Price 345.8
52-Week Low 343.5

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