Soybean Meal Futures (CBOT ZM)

Chicago Board of Trade · December 2026 contract · Priced in U.S. dollars per short ton

Contract Overview

$315.80 / ton -0.69% (-2.20) Today
Nov 3, 9:21 PM UTC-6
Price performance
Open 317.50
Day's range 315.70 – 317.90
Volume 3.83K
Prev. settlement 318.00
30-day range 315.20 – 369.10
Open interest 165.62K
Bid 315.80
Ask 315.90
Expires Dec 14, 2026

CBOT · Delayed 10 min · Updated 21 min ago · Market open · closes 07:45 CT

Price Performance

December 2026 · ZMZ26

Returns

1 week −5.6% −5.6% 1 week −18.80 from 334.60 on Oct 27
1 month −9.0% −9.0% 1 month −31.30 from 347.10 on Oct 5
3 months +0.1% +0.1% 3 months +0.20 from 315.60 on Aug 5
6 months +0.5% +0.5% 6 months +1.70 from 314.10 on May 5
Year to date −0.3% −0.3% year to date −1.10 from 316.90 on Dec 31, 2025
1 year −5.7% −5.7% 1 year −19.20 from 335.00 on Oct 31, 2025
  • 52-week high 372.40 Sep 24 · price 15.2% below
  • 52-week low 300.10 Jun 24 · price 5.2% above
  • 20-session high 368.70 Oct 12 · price 14.3% below
  • 20-session low 318.00 Nov 3 · price 0.7% below
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Balance Sheet

WASDE · Oct 9, 2026 · 2026/27 forecast
  • Ending stocks 450k s.t. Unchanged from Sep
  • Stocks-to-use 0.7% Ending stocks over total use

Farmbucks members get what moved in this month's WASDE, the crop and the price. Get Started for Free

USDA World Agricultural Supply and Demand Estimates for October 2026, released Oct 9: the U.S. soybean meal balance sheet. Changes are against the September report.

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Exports

Week ending Oct 22 · 2026/27
  • Sold this season 6.06M t 4% behind last year's pace
  • Shipped so far 1.08M t 18% of sales · 5% of USDA's forecast

Farmbucks members get the season's top buyers and the week's sales and shipments. Get Started for Free

USDA Export Sales Report for the week ending Oct 22, released Oct 29; the next one is out Nov 5 at 8:30 am ET. Season forecast: WASDE, Oct 2026. Only week 4 of 2026/27, so pace comparisons are still volatile.

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Commitments of Traders

Tuesday, Oct 27

Net positions

FundsManaged money +170K +170K net long Managed money · Sold 34.8K on the week · net long for 36 weeks
CommercialsProducers and merchants −319K −319K net short Producers and merchants · Long 93.8K · short 413K · net +34.4K on the week
  • Funds on the week Sold 34.8K Net long for 36 weeks
  • Open interest 710K Down 36.1K on the week · 352 traders

Funds are hedge funds and other money managers (managed money). Commercials are the hedgers: farmers, elevators, processors and exporters (producers and merchants). Net is longs less shorts, in contracts of 100 short tons, as of Tuesday’s close.

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Futures chain

ZMZ26 Dec 2026 $315.80 / ton -2.20 -0.69%
ZMF27 Jan 2027 $316.00 / ton -1.80 -0.57%
ZMH27 Mar 2027 $316.80 / ton -1.70 -0.53%
ZMK27 May 2027 $320.20 / ton -1.50 -0.47%
ZMN27 Jul 2027 $325.20 / ton -1.40 -0.43%
ZMQ27 Aug 2027 $325.40 / ton -1.10 -0.34%
ZMU27 Sep 2027 $324.50 / ton -0.90 -0.28%
ZMV27 Oct 2027 $322.80 / ton -0.40 -0.12%
ZMZ27 Dec 2027 $325.80 / ton -0.50 -0.15%
ZMF28 Jan 2028 $327.40 / ton 0.00 0.00%
ZMH28 Mar 2028 $327.70 / ton 0.00 0.00%
ZMK28 May 2028 $329.40 / ton 0.00 0.00%
ZMN28 Jul 2028 $332.20 / ton 0.00 0.00%
ZMQ28 Aug 2028 $331.30 / ton 0.00 0.00%
ZMU28 Sep 2028 $329.30 / ton 0.00 0.00%
ZMV28 Oct 2028 $326.80 / ton 0.00 0.00%
ZMZ28 Dec 2028 $328.80 / ton 0.00 0.00%
ZMN29 Jul 2029 $358.30 / ton 0.00 0.00%
ZMV29 Oct 2029 $358.30 / ton 0.00 0.00%
ZMZ29 Dec 2029 $360.30 / ton 0.00 0.00%

News Stories

BarchartBarchart•Nov 04 Are January 2027 soybean futures at the brink of a reversal?
BarchartBarchart•Nov 03 Soybeans Face Tuesday Losses, Fading More Export Business
Feedstuffs•Nov 03 Traders retain bearish tone Tuesday
BarchartBarchart•Nov 03 Soybeans Fade Another Export Sale with Midday Losses on Tuesday
Farm ProgressFarm Progress•Nov 03 USDA Exports: Three more flash sales announced on Tuesday
Farm ProgressFarm Progress•Nov 03 Vote, then elect to look ahead and prep for 2027
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Contract Specifications

Contract December 2026 · ZMZ26
Exchange Chicago Board of Trade · ZM
Contract size 100 short tons
Tick size $0.10 per short ton · $10.00 per contract
Value of a $1 move $100 per contract
Contract months Jan, Mar, May, Jul, Aug, Sep, Oct, Dec (F, H, K, N, Q, U, V, Z)
Trading hours 7:00 pm – 7:45 am and 8:30 am – 1:20 pm CT, Sun–Fri
Settlement Physical delivery
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