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 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.
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.
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Soybean futures are trading higher at midday, with strong support coming from the meal and oil markets. The domestic crushers need beans to make meal for export and the export market for whole beans has been strong at this price level too.Weekly export inspections from USDA were above 100 million bushels again this week. About 97% of the US crop is harvested.Illinois finished its last 5% this past week.Preliminary open interest data for Monday shows a drop of 1,474 contracts, confirming some long liquidation tendencies.