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What is the ZM soybean meal price?
CME’s soybean meal futures page showed the December 2026 contract, ticker ZMZ6, at $355.40 per short ton, up $8.30, or 2.39%, with volume of 73,720. CME identified the observation time as 6 October 2026 at 3:50:19 p.m. CT and says the data is delayed by at least 10 minutes. It should not be read as the price on 8 October or as a live quote. CME’s soybean meal futures market page is the source of this dated market snapshot.
The quote is a futures price for a specified delivery month. To compare prices, use quotes captured at the same observation time and identify each contract month; otherwise, a difference may reflect timing or delivery month rather than a change in the same contract.
What does ZM mean, and what does the quote measure?
ZM is the CME Globex code for standard Soybean Meal futures. The price is expressed in U.S. dollars and cents per short ton. A short ton is 2,000 pounds, so the quoted price is not a retail price for a bag or a pound of meal. CME’s Grain and Oilseed Fact Card lists the contract specifications.
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How much soybean meal does one futures contract cover?
One standard ZM contract represents 100 short tons, or 200,000 pounds. The per-ton quote and the contract’s notional value are different measures: at the dated $355.40 quote, multiplying by 100 gives $35,540 in notional exposure. That arithmetic is not the amount a trader necessarily pays upfront; the available specifications do not establish margin requirements or transaction costs.
The standard contract’s minimum price movement, or tick, is $0.10 per ton. Across 100 short tons, one tick changes the contract’s quoted value by $10.
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Standard ZM and Micro MZM contract sizes
| Contract | Code | Contract unit | Size relative to standard ZM |
|---|---|---|---|
| Soybean Meal futures | ZM | 100 short tons (200,000 pounds) | Standard size |
| Micro Soybean Meal futures | MZM | 10 short tons (20,000 pounds) | One tenth of ZM |
MZM is a separate, smaller futures contract—not a physical soybean meal product. The CME specification source identifies its unit as 10 short tons; the cited information does not establish a comparison of current margins or trading costs. CME’s Micro Soybean Meal contract page provides its product details.
Which ZM contract months are listed?
CME lists standard soybean meal futures for October, December, January, March, May, July, August, and September. The letter in a ticker identifies the contract month and the final digit identifies the year; for example, ZMZ6 is the December 2026 contract. Always confirm the month and year shown by your market-data provider.
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The last trading day is the business day before the 15th calendar day of the contract month. Standard Globex hours in CME’s fact card are Sunday through Friday, 7:00 p.m.–7:45 a.m. CT, and Monday through Friday, 8:30 a.m.–1:20 p.m. CT. An expiring contract closes at noon CT on its last trading day. Trading hours and expiry details can matter when interpreting a quote near a session boundary or expiration.
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CME’s overview chart displays several soybean meal contract months. Its curve rises visually from around 315 to the mid-340s, then flattens and eases slightly. These are approximate readings from the chart, not exact settlement prices. CME’s Grains & Oilseeds Market Update provides the visual overview.
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A futures curve can show how prices differ by delivery month at a particular observation time, but the chart’s general shape does not establish why those prices differ. Exact comparisons require contract-specific values captured at a common time. The available market information does not establish a cause for the December quote’s daily rise, so it would be unwarranted to attribute it to weather, exports, livestock demand, crushing, policy, or another catalyst.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
