Soybean meal has become a staple in livestock and poultry diets. It is largely used in fodder for livestock and even fish. It is usually made from grinding high-quality residues from soybean oil production into a yellowish-green flour. Soybean meal has become the world’s choice for protein supplement due to its high protein levels, amino acid balance, and overall nutrient content.
| Soybean Meal Futures Contract Specifications | |
| Contract Size | 100 Short Tons (~ 91 metric tons) |
| Price Quotation | Dollars and Cents per short ton |
| Grade And Quality | 48% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations |
| Trading Hours | Sunday – Friday 7:00 p.m. – 7:45 a.m. CT and |
| Monday – Friday 8:30 a.m. – 1:20 p.m. CT | |
| Minimum Price Fluctuation | 10 cents per short ton ($10.00 per contract) |
| Product Code | CME Globex: ZM |
| CME ClearPort: 06 | |
| Clearing: 06 | |
| TAS: ZMT | |
| Listed Contracts | January (F), March (H), May (K), July (N), August (Q), September (U), October (V) & December (Z) |
| Settlement Method | Deliverable |
| Last Trade Date | The business day prior to the 15th calendar day of the contract month. |
| Last Delivery Date | Second business day following the last trading day of the delivery month. |
| Trade At Marker Or Trade At Settlement Rules | Trading at settlement is available for First 3 listed futures contracts; nearby new-crop December contract (if not part of the first 3 outrights); first to second month calendar spread; second to third month calendar spread; nearest Jul-Dec spread when available (when July is listed), and are subject to the existing TAS rules. The Last Trade Date for CBOT Grain and Oilseed TAS products will be the First Position Day (FPD) of the front-month contract (FPD is the second to last business day in the month prior to the nearby contract month).
Trading in all CBOT Grain TAS products will be 19:00-07:45 and 08:30-13:15 Chicago time. All resting TAS orders at 07:45 will remain in the book for the 08:30 opening, unless cancelled. TAS products will trade a total of four ticks above and below the settlement price in ticks of the corresponding futures contract (0.10), off of a “Base Price” of 0 to create a differential (plus or minus 4 ticks) versus settlement in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 will correspond to a “traditional” TAS trade which will clear exactly at the final settlement price of the day. |
| Settlement Procedures | Soybean Meal Futures Settlement Procedures |
| Exchange Rules | These contracts are listed with, and subject to, the rules and regulations of CBOT. |
| Source: CME Group | |
Last updated October 2015
Additional Info
Recent Posts on Soybean Meal
- The Cullen Outlook: Double Top Points to a Sale in August Soymeal – June 19, 2019 (6/19/2019) - See technical analysis that led to the trade in the August 2019 Soymeal.
- Time to go to work (again) in the Soymeal market! (12/21/2018) - We have been trading this range in Soymeal for a while now and I like the idea of getting back involved to the upside. Time to go to work AGAIN!
- Familiar Support in the Soybean Meal Market… You Know What that Means! (11/14/2018) - The Soybean Meal market has traded down to this 305.0 - 302.0 level a few times in the past few months. Have a look at the subsequent price action in December 2018 Soybean Meal (ZMZ8) and let's get involved!