Soybean Meal Futures (CBOT ZM)

Chicago Board of Trade · September 2028 contract · Priced in U.S. dollars per short ton

Contract Overview

$342.40 / ton -1.52% (-5.30) Today
Sep 28, 7:37 PM UTC-5
Price performance
Open 342.40
Day's range 342.40 – 342.40
Volume 2
Prev. settlement 347.70
30-day range 339.30 – 351.70
Open interest 138
Bid 319.30
Ask 358.70
Expires Sep 14, 2028

CBOT · Delayed 10 min · Updated 16 hr ago · Market open · closes 13:20 CT

Price Performance

September 2028 · ZMU28

Returns

1 week −2.5% −2.5% 1 week −8.80 from 351.20 on Sep 22
1 month +1.1% +1.1% 1 month +3.70 from 338.70 on Aug 28
3 months +6.7% +6.7% 3 months +21.50 from 320.90 on Jun 30
  • High since Jun 2 351.70 Sep 17 · price 2.6% below
  • Low since Jun 2 313.00 Jun 10 · price 9.4% above
  • 20-session high 351.70 Sep 17 · price 2.6% below
  • 20-session low 339.30 Sep 9 · price 0.9% above
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Exports

Week ending Sep 17 · 2025/26
  • Sold this season 18.1M t 15% ahead of last year's pace
  • Shipped so far 16.7M t 92% of sales · 90% of USDA's estimate

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 Sep 17, released Sep 24; the next one is out Oct 1 at 8:30 am ET. Season forecast: WASDE, Sep 2026.

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Commitments of Traders

Tuesday, Sep 22

Net positions

FundsManaged money +192K +192K net long Managed money · Bought 6.8K on the week · most net long in at least five years
CommercialsProducers and merchants −344K −344K net short Producers and merchants · Long 107K · short 451K · net +359 on the week
  • Funds on the week Bought 6.8K Most net long in at least five years
  • Open interest 769K Down 14.1K on the week · 370 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

ZMV26 Oct 2026 $363.50 / ton +1.80 +0.50%
ZMZ26 Dec 2026 $362.10 / ton +2.70 +0.75%
ZMF27 Jan 2027 $362.00 / ton +2.10 +0.58%
ZMH27 Mar 2027 $361.70 / ton +2.10 +0.58%
ZMK27 May 2027 $362.00 / ton +2.20 +0.61%
ZMN27 Jul 2027 $363.40 / ton +2.20 +0.61%
ZMQ27 Aug 2027 $360.00 / ton +2.00 +0.56%
ZMU27 Sep 2027 $355.30 / ton +1.70 +0.48%
ZMV27 Oct 2027 $346.50 / ton -1.70 -0.49%
ZMZ27 Dec 2027 $351.50 / ton +1.80 +0.51%
ZMF28 Jan 2028 $347.20 / ton -2.60 -0.74%
ZMH28 Mar 2028 $345.60 / ton -2.90 -0.83%
ZMK28 May 2028 $345.00 / ton -4.00 -1.15%
ZMN28 Jul 2028 $348.00 / ton -3.20 -0.91%
ZMQ28 Aug 2028 $344.00 / ton -5.70 -1.63%
ZMU28 Sep 2028 $342.40 / ton -5.30 -1.52%
ZMV28 Oct 2028 $344.80 / ton 0.00 0.00%
ZMZ28 Dec 2028 $345.90 / 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%

News Stories

Brownfield Ag NewsBrownfield Ag News•Sep 29 China’s 10 percent tariff continues to weigh on U.S. soybean trade
Brownfield Ag NewsBrownfield Ag News•Sep 29 Fair, seasonal weather covers most of the eastern Corn Belt; beneficial showers expand on much of the Plains
World Grain•Sep 29 US-China tariff cuts exclude soybeans
BarchartBarchart•Sep 29 Corn, Wheat, and Soybean Prices Face a Wet Blanket as Heavy Rains Disrupt Crops
Brownfield Ag NewsBrownfield Ag News•Sep 29 Drought devastates soybean yields in central Kansas
Farm ProgressFarm Progress•Sep 29 A primary driver of food inflation isn’t food at all
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Contract Specifications

Contract September 2028 · ZMU28
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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Futures Market Data: Futures price data on Farmbucks is provided by DTN, CME Group, and ICE. This data is for informational purposes only and may be subject to delays or inaccuracies. Please consult official exchange sources or your broker for trading decisions.

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