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Data as of: 2026-10-08 · Settlement: Exchange final daily settlement

Soybean Meal (ZM=F) Deep Dive | Bullish Rebound on Margin Support | 2026-10-09

We maintain a bullish bias for Soybean Meal (ZM=F) with a target above 365.07, contingent on holding the 353.57 support level. This stance is driven by resilient US soybean crush margins, a technical rebound from oversold weekly levels, and a constructive positioning setup that favors further upside. The primary invalidation occurs if price breaks below 349.53, signaling a failure of the current support structure. Recent market action shows a strong recovery from the weekly low, with the contract trading at 357.6 as of the prior session settle. While the current week remains open, the underlying fundamentals and technical structure suggest that buyers are stepping in at lower levels, supported by improving margin economics for crushers. We expect the market to test resistance near 365.07 and potentially extend higher if momentum builds. Investors should monitor the 353.57 level closely as a key pivot for the near-term trend.