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Data as of: 2026-10-07 · Settlement: Exchange final daily settlement

Soybean Meal (ZM=F) Deep Dive | Bullish on Margin Recovery | 2026-10-08

We maintain a bullish stance on Soybean Meal (ZM=F) driven by improving crush margins and technical resilience above key support levels. The instrument settled at 365.8 on October 7, up 3.1% for the day and 4.1% over the past 20 days, reflecting a constructive shift in fundamental supply dynamics. While the weekly bar from September 28 to October 2 closed lower at 347.5, the subsequent three sessions in the current week have pushed prices back into the 20-day channel, signaling a potential reversal of the prior week's weakness. Invalidation of this view would require a sustained break below the 357.77 support level, which would undermine the current technical structure. The combination of rising crush margins, a supportive seasonal backdrop, and a technical bounce from oversold conditions provides a clear directional edge for the near term.