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データ基準日: 2026-10-08 · 決済基準: 取引所最終日次決済価格

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

We maintain a bullish bias for Soybean Meal (ZM=F) as the contract rebounds from oversold levels, supported by strengthening US crush margins and technical stabilization near key pivot support. The primary driver is the resilience of the crush spread, which has risen to a 60.71% one-year percentile, signaling robust demand for protein meal relative to soybean oil. Technically, the market has found a floor near the 353.57 S1 pivot and is attempting to reclaim the 361.03 pivot point, with the 20-day channel offering a clear path toward 376.9 if momentum holds. While the weekly bar remains volatile, the intraday recovery in early Asian trade suggests a shift from panic selling to value accumulation. Invalidation would require a decisive breach below 349.53 on a settled basis, which would negate the structural support provided by the recent margin expansion. Investors should monitor the 357.6 settle level as the immediate battleground for trend continuation.