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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.
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Soybean futures are trading 9 to 15 cents higher today. The USDA reported in their weekly Export Sales report that 1.3258 MMT of beans were sold during the week ending 8/20, exceeding trade expectations that peaked at 1.1 MMT.? China was the largest buyer, purchasing 887,500 MT.? New crop bookings (1.457 MMT) increased by 86% from the previous week with assistance from old crop transfers.? Bean meal bookings totaled 149,900 MT.? Meal estimates were 50,000-275,000 MT.? Soy oil export sales totaled 17,100 MT.? USDA reported under the daily system that 130,000 MT of soybeans were sold to unknown destinations for 2015/16 delivery.? That will show up on the Export Sales report next week.? Brazilian coop Coamo projects a 3% increase to planted soybean acreage in the upcoming year.
Sep 15 Soybeans are at $8.87 1/4, up 9 1/2 cents,
Nov 15 Soybeans are at $8.77 1/2, up 12 1/2 cents,
Jan 16 Soybeans are at $8.81 3/4, up 13 1/4 cents,
Mar 16 Soybeans are at $8.82 1/2, up 13 1/4 cents,