Soybean Meal Futures Contract Specifications
ZM · CBOT · one contract = 100 short tons
Soybean Meal futures (ZM) trade on CBOT in 0.1-increment ticks worth $10.00 per contract; a full 1.0-point move is $100.00. One contract covers 100 short tons.
Specification table
| Name | Soybean Meal |
| Exchange | CBOT |
| Ticker symbol | ZM |
| Contract unit | 100 short tons |
| Tick size | 0.1 |
| Tick value | $10.00 |
| Point value | $100.00 |
| CFTC contract code | 026603 |
| COT report families | legacy, disagg |
| Quote convention | quoted in dollars/short ton |
Worked tick math
A 10-tick move on 1 Soybean Meal contract (ZM) is $100.00 — tick size 0.1 × tick value $10.00. A 1-point move is 10 ticks = $100.00. Ten contracts moving 5 ticks = $500.00.
Run your own numbers: Soybean Meal futures calculator.
Positioning: large speculators are net long 113,860 contracts as of the 2026-07-21 COT report — full Soybean Meal COT data.
FAQ
- What is the tick size and value of Soybean Meal futures?
- Soybean Meal (ZM, CBOT) moves in 0.1 increments worth $10.00 per contract.
- What does one ZM contract cover?
- One contract covers 100 short tons.
- How much is a full point on ZM?
- $100.00 — tick value ÷ tick size.
Related
Soybean Meal COT report
Soybean Meal calculator
Soybean Meal COT history (CSV)
All contract specs
All calculators
Specs verified against exchange sources 2026-07-25; the exchange's own contract page is always authoritative. Not investment advice.