Soybeans (ZS)

What ZS tracks

ZS is the CBOT Soybean futures contract. One contract covers 5,000 bushels of No. 2 yellow soybeans, and prices are quoted in cents per bushel.

Soybeans are crushed into soybean meal for animal feed and soybean oil for food and biofuels. ZS is the global benchmark for soybean prices. The contract trades in two sessions with a morning break, and daily price limits apply.

ZS contract specifications

Specifications come from CME Group: CBOT Rulebook Chapter 11, CME Grain and Oilseed fact card, CME Micro Ag futures fact card. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves ZS

Several forces tend to drive ZS prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• USDA reports. Monthly supply and demand estimates, acreage and stocks reports can move soybeans sharply.
• Weather. US growing conditions in summer and crops in Brazil and Argentina drive supply.
• Export demand. China is the largest soybean importer, so its buying and trade policy matter a great deal.
• Biofuel policy. Demand for soybean oil in renewable diesel depends partly on government policy.
• The US dollar. A stronger dollar can make US soybeans less competitive abroad.

Example P&L math

Say ZS rises 20 cents a bushel, for example from $10.50 to $10.70. Each one-cent move is worth $50, and each quarter-cent tick is worth $12.50:

• 80 ticks × $12.50 = $1,000 per contract.
• A short position would lose the same $1,000.
• On Micro Soybeans (MZS), which covers 500 bushels, the same move is worth $100.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

Our tick value calculator and position size calculator currently cover the original 16 contracts on FuturesPro and do not include ZS yet. You can still do the math by hand using the tick value and point value above.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

ZS vs MZS

CME lists a smaller Micro Soybeans contract, MZS, at one-tenth the size of ZS. Micro Soybeans are financially settled to the standard contract. We do not have a separate guide for MZS yet, so check its CME spec page for full details.

When the smaller contract fits: smaller accounts, learning, and strategies that need to scale in small steps. Micro contracts can trade less actively than the full-size contract, so check the bid-ask spread before you rely on one. When ZS fits: larger accounts and traders who need the most active market, accepting that each tick is worth $12.50.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a 5-cent stop on ZS, each contract risks $250, so even one contract exceeds that limit. You would need a tighter stop, a larger risk budget or a smaller contract.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

ZS is physically delivered. If you hold a position after the last trading day, you can end up making or taking delivery, which retail and prop firm accounts are not set up for. Brokers usually require you to close or roll before a cutoff they set, which can be earlier than the exchange's last trading day. Check the CME calendar for exact dates each month.

Related contracts

• Corn (ZC)
• Crude Oil (CL)
• Euro FX (6E)
• 10-Year T-Note (ZN)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of ZS?

One minimum tick on ZS is 1/4 cent per bushel, worth $12.50 per contract. The point value is $50 per one-cent move.

What are the trading hours for ZS?

Sunday to Friday, 8:00 p.m. to 8:45 a.m. ET, and Monday to Friday, 9:30 a.m. to 2:20 p.m. ET (7:00 p.m. to 7:45 a.m. CT and 8:30 a.m. to 1:20 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is ZS cash-settled or physically delivered?

ZS is physically delivered. The last trading day rule: business day before the 15th calendar day of the contract month. The expiring contract closes at noon CT on its last trading day.

How much margin do I need to trade ZS?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Why does China matter so much for soybeans?

China imports more soybeans than any other country, mostly to feed livestock. Changes in Chinese buying, or in trade policy between China and the US, can shift demand for US soybeans quickly.