Analysis techniques – Soybean Meal Futures (Dec 2025)Soybean Meal Futures (Dec 2025)CBOT:ZMZ2025Hung-JKAnalysis techniques – Soybean Meal Futures (Dec 2025) Date: Oct 06, 2025 | Timeframe: D1 | Contract Code: ZMZ25 1. Trend Overview and Price Structure December soybean meal futures edged down by 0.8 USD to 277.4 USD/ton (-0.29%) after rebounding from strong support at 272.6 — the 100% Fibonacci extension of the August–September decline. The structure suggests a potential short-term corrective rebound, targeting 283.1 (Fib 61.8%) and possibly 300 USD if momentum builds. Medium-term trend remains bearish, though the narrowing downside range hints at a short-term technical bottom formation. 2. Key Technical Levels Resistance: 289.5 – 300.0 – 311.2 Support: 277.0 – 272.6 – 265.1 3. Detailed Technical Analysis (1) Short-term Trend: Rebound signals from 272.6 suggest potential upside toward 283 – 289.5, with a breakout above 283 confirming recovery momentum. (2) Volume: Slight uptick in volume during the rebound indicates renewed bottom-fishing activity. (3) Wave Structure: Likely completion of corrective wave C and start of a technical recovery phase (wave 1–2–3) targeting around 300. (4) Confirmation Signals: Close above 283 confirms recovery; drop below 272.6 invalidates the bullish setup and opens downside risk toward 265.1. 4. VNC View Short Term: Technical rebound expected as meal prices are heavily discounted relative to soybeans and soyoil. Medium Term: Supply-demand balance remains fragile — weaker crush margins and sluggish feed demand cap the upside. Risks: Stronger USD and Argentine export competition may pressure U.S. meal prices. 5. Suggested Technical Strategies Preferred Long Setup: Entry: 276 – 278 TP: 289.5 – 300 SL: 272 Probability: 65% Short Setup (resistance test): Entry: 298 – 300 TP: 283 – 276 SL: 305 Probability: 40% 6. Corporate Hedging Guidance Feed importers: Consider locking in purchases around 275–280 if prices hold above 272. Oilseed crushers: Delay forward sales until prices approach 300 to secure better processing margins.