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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 planking 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 16 to 17 cents higher and appear to be getting some new first of the month/first of the quarter fund money.They may be positioning in hopes of a weather scare. The USDA survey found 84.635 million intended acres, less than the trade guess The trade has fairly consistently over estimated the March Intentions. The soybean stocks estimate was 1.334 billion bushels, up 340 million from last year. The on farm stocks are 277 million larger than year ago.
May 15 Soybeans are at $9.89 1/2, up 16 1/4 cents,
Jul 15 Soybeans are at $9.94, up 16 1/4 cents,
Aug 15 Soybeans are at $9.94, up 16 3/4 cents,
Sep 15 Soybeans are at $9.79 1/2, up 16 1/2 cents,