ZS soybean futures explained: what moves soybeans
Soybeans are a three-country story. The US and Brazil grow most of what's sold abroad, and China buys a huge share of it. When any of those three changes, so does the chart.
At a glance
| Item | ZS (Soybeans) |
|---|---|
| What it is | A futures contract for 5,000 bushels of soybeans, priced in cents per bushel |
| Tick size | 1/4 cent per bushel |
| One tick is worth | $12.50 ($50 per full cent) |
| Busiest hours (ET) | 9:30 am – 2:20 pm, and noon on USDA report days |
| What moves it most | China's buying, Brazil's crop, US weather, demand for soybean oil and meal |
| Trading hours | Sun–Fri 8:00 pm – 8:45 am ET, then Mon–Fri 9:30 am – 2:20 pm ET |
Specs checked Oct 2026. Check cmegroup.com for current specs before you trade.
How the price works
Soybeans are quoted in cents per bushel, like corn. A 1/4 cent tick on 5,000 bushels is $12.50. A 20-cent move is $1,000 per contract.
Soybeans tend to cost more per bushel than corn, and they often move more cents in a day. So the same number of ticks can come faster.
Like other grains, soybeans have daily price limits that CME resets each May and November.
What moves it
China. China is the world's biggest soybean buyer. Its purchases from the US rise and fall with trade relations. Tariff headlines have moved soybeans sharply in the past, and still can.
Brazil. Brazil is the world's largest soybean exporter. Its crop grows during the US winter. Brazilian weather and harvest pace matter most from about December to April.
US weather. August is the key month for US soybeans, when the pods fill.
The crush. Soybeans are crushed into two products: oil and meal. Soybean oil is used in food and in biofuels. Meal feeds animals. Strong demand for either supports beans.
USDA reports. WASDE monthly at 12:00 pm ET, Crop Progress on Mondays at 4:00 pm ET in season, Export Sales on Thursdays at 8:30 am ET. The late-March and late-June planting reports at noon are big days.
When it's busiest
CME sets hours in Chicago time, which changes clocks with New York.
- 8:00 pm – 8:45 am ET: overnight session. Asian buying news can land here.
- 9:30 am – 2:20 pm ET: the day session. Most of the volume.
- 12:00 pm ET: USDA report days.
Its personality
- Headline-driven. Trade news between the US and China can matter more than weather.
- Two seasons a year. US crop in the northern summer, Brazil's in the southern summer.
- Bigger cent moves than corn. Size for it.
- Delivered contract. Months are January, March, May, July, August, September and November. Most traders roll before delivery. See Contract rollover.
Reading it with our method
- Daily and weekly charts first. Mark the last places price clearly turned around. Big trade-driven trends are easy to see there.
- Trade with the bigger direction. A weekly downtrend plus a daily bounce is not a new uptrend yet.
- Body-close rule. Trade headlines leave tails. Only a candle body closing past a level counts.
- Stop first, size second. Example: a 15-cent stop is 60 ticks × $12.50 = $750 of risk on one contract. If your plan says $200, one contract is too big. A math example, not a promise.
Use the futures tick value calculator before every trade.
Weekend news is common here. Trade talks and policy statements often land on weekends. Sunday's 8 pm ET open can be far from Friday's close.
Common mistakes
- Watching only US weather. In winter, Brazil matters more.
- Ignoring trade headlines. A single statement about Chinese purchases can move beans in minutes.
- Sizing it like corn. Same tick, bigger daily moves.
- Mixing up beans, oil and meal. Soybean oil (ZL) and meal (ZM) are separate contracts with their own specs.
Questions
How much is one tick on soybean futures?
$12.50. The tick is 1/4 cent per bushel on 5,000 bushels, so one cent is $50 per contract.
Why does China affect soybean prices?
China buys a large share of the world's exported soybeans. When its buying from the US changes, US soybean prices react.
What months do soybean futures trade?
January, March, May, July, August, September and November. Check cmegroup.com for exact last trading days.
What is the soybean crush?
Crushing turns soybeans into soybean oil and soybean meal. Demand for those two products is a big driver of soybean prices.
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