本报告来源： MacroTerms.com

数据截止: 2026-10-07 · 结算口径: 交易所最终日结算价

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

We maintain a bullish bias on Soybean Meal (ZM=F) driven by strengthening crush margins, technical reclamation of key resistance, and constructive positioning. The instrument settled at 365.8 on October 7, up 3.1% for the day and 4.1% over the past 20 sessions, signaling a robust recovery from the weekly low of 346.4. The current price action has pushed above the 20-day pivot at 362.03, with the 20-day channel now offering support in the 344.2–376.9 range. Fundamentally, the US soybean crush margin has expanded to 2.5174 USD/bu, rising to the 61st percentile over the last year, indicating improved profitability for processors and sustained demand for meal. While macro headwinds from a strong dollar persist, the underlying supply-demand dynamics favor higher prices. A sustained break below 357.77 (S1) would invalidate this view, warranting a shift to caution. The path of least resistance remains upward toward the 20-day high of 376.9.