Futures Traders: Get FREE daily videos covering today's hottest market
Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planning trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Soybean futures were sharply lower, with Jul16 beans down 21 3/4 on the day, just 1 penny above its daily low. The market more or less ignored strong export sales data released this morning, treating it as old news. Export sales during the week ending last Thursday reached 1.245 MMT, with 815,820 MT of old crop bookings (the largest weekly total since the week ending January 14). Marketing year to date commitments of old crop beans as of last Thursday were 93.4% of the same time in 2015.Soybean meal sales were 152,725 MT, and bean oil sales were 10,027 MT. The Buenos Aires Grain Exchange predicts that 1.94 million soybean acres in Argentina were lost because of heavy rainfall.
May 16 Soybeans settled at $10.03 1/2, down 21 cents,
Jul 16 Soybeans settled at $10.12 1/4, down 21 3/4 cents,
Aug 16 Soybeans settled at $10.14 3/4, down 21 1/4 cents,
Nov 16 Soybeans settled at $10.01 1/2, down 14 cents,
May 16 Soybean Meal settled at $335.00, down $8.00,