Soybean Meal Futures Pricing

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

Storage Signal

Nov 6 settle

Dec → Jan: Carry · +0.50

Carry (+) means later months trade above the nearby: the market is paying toward storage. Inverted (−) means the nearby trades above later months. Not trading advice.

Futures Chain

20 contracts

ZMZ26 Dec 2026 OI 146,025 $319.20 / ton +2.00 +0.63%

ZMF27 Jan 2027 OI 176,603 $319.70 / ton +2.00 +0.63%

ZMH27 Mar 2027 OI 123,413 $321.20 / ton +1.70 +0.53%

ZMK27 May 2027 OI 59,152 $324.60 / ton +1.60 +0.50%

ZMN27 Jul 2027 OI 38,568 $328.80 / ton +1.20 +0.37%

ZMQ27 Aug 2027 OI 8,595 $329.20 / ton +1.20 +0.37%

ZMU27 Sep 2027 OI 7,007 $328.70 / ton +1.20 +0.37%

ZMV27 Oct 2027 OI 4,184 $327.10 / ton +0.90 +0.28%

ZMZ27 Dec 2027 OI 9,960 $330.20 / ton +0.60 +0.18%

ZMF28 Jan 2028 OI 1,102 $331.30 / ton +0.30 +0.09%

ZMH28 Mar 2028 OI 656 $331.70 / ton +0.20 +0.06%

ZMK28 May 2028 OI 432 $333.20 / ton +0.20 +0.06%

ZMN28 Jul 2028 OI 347 $335.90 / ton +0.10 +0.03%

ZMQ28 Aug 2028 OI 192 $335.00 / ton +0.10 +0.03%

ZMU28 Sep 2028 OI 173 $332.90 / ton +0.10 +0.03%

ZMV28 Oct 2028 OI 153 $330.20 / ton +0.10 +0.03%

ZMZ28 Dec 2028 OI 69 $331.90 / ton +0.10 +0.03%

ZMN29 Jul 2029 OI 0 $358.30 / ton +0.80 +0.22%

ZMV29 Oct 2029 OI 0 $358.30 / ton +0.80 +0.22%

ZMZ29 Dec 2029 OI 0 $360.30 / ton +0.80 +0.22%

Open interest (OI) is how many contracts are still open in each month.

Commitments of Traders

Tuesday, Nov 3

Managed moneySold 58.2K on the week · net long for 37 weeks: +112K
Producers and merchantsLong 106K · short 370K · net +54.7K on the week: −265K
Open interest Down 20.0K on the week · 335 traders: 690K

CFTC Commitments of Traders (disaggregated), CBOT soybean meal futures and options combined: positions as of Tuesday, Nov 3, published Friday, Nov 6; the next report (Nov 10 positions) is out Monday, Nov 16 at 3:30 pm ET. Net is longs less shorts, in contracts of 100 short tons.

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About

Storage Signal. Worked out from the futures themselves: the front month against the next, and old crop against new while the front month is old crop, at the latest trades while the market is open, else at the last settle.

Futures Chain. Every CBOT contract month now trading, with its last price, the day’s change and its open interest.

Commitments of Traders. U.S. Commodity Futures Trading Commission, Commitments of Traders (disaggregated): the open positions of each kind of large trader as of Tuesday’s close, published Fridays at 3:30 pm ET (the following Monday in a holiday week).

Market Data: Futures price data on Farmbucks is provided by DTN, CME Group, and ICE. Cash basis is from USDA AMS daily grain bid reports; positioning is from the CFTC's Commitments of Traders; the natural gas outlook and storage are from the U.S. Energy Information Administration. This data is for informational purposes only, may be subject to delays or inaccuracies, and is not trading advice. Please consult official sources or your broker for trading decisions.