Soybean Meal Futures (ZM) Contract Specifications
What you're trading
The CBOT Soybean Meal future (ZM) gives you exposure to 100 short tons of 48% protein soybean meal with physical delivery. Soybean meal is the primary output of the soybean crush (along with soybean oil) and is used overwhelmingly as high-protein livestock feed — for hogs, poultry, cattle, and aquaculture. ZM is a key leg in the "crush spread" (long soybeans, short meal and oil) used by soybean processors to hedge margin, and it's traded by livestock producers to hedge feed costs.
Contract size
100 short tons (200,000 pounds) of soybean meal. With meal near $320/short ton, one ZM contract carries a notional value of roughly $32,000.
Tick value
Minimum price fluctuation is $0.10 per short ton, and each tick is worth $10.00 per contract. A $1.00 move equals $100, and a $10 move equals $1,000 per contract.
Trading hours
CME Globex: Sunday 7:00 p.m. CT through Friday 7:45 a.m. CT the next morning, with a day session Monday–Friday 8:30 a.m. – 1:20 p.m. CT.
Settlement type
Physically delivered. Contract months are January, March, May, July, August, September, October, and December. Trading terminates on the business day prior to the 15th calendar day of the contract month. Close or roll before First Notice Day.
Margin snapshot
Meal margin tracks soybean complex volatility — moves in ZS typically ripple through both ZM and ZL.
|
Initial margin (overnight) |
~$1,800–$3,200 per contract (approximate; varies with volatility) |
|
Maintenance margin |
~$1,640–$2,910 per contract |
|
Day-trade margin |
Broker-set; often a fraction of overnight margin |
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Notional value (reference) |
~$32,000 at $320/short ton |
Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.