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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 climbed back late in the session to post only minor losses for the day. March was down 48 3/4 cents for the week, however. US export sales are declining seasonally. The trade expects a slight reduction in US ending average guess for soybean ending stocks next Tuesday on assumptions of another hike in projected exports. We’re beginning to see deliveries vs. the March soybean contract now that prices have dropped enough to make the original sellers whole. There were 98 lots put out overnight, bringing the 2 day total to 198. Managed money this week added just under 3,500 long contracts, bringing their holdings to net long 3,777 on Tuesday, according to the CFTC.
Mar 15 Soybeans closed at $9.79 1/4, unch,
May 15 Soybeans closed at $9.85, down 1/2 cent,
Jul 15 Soybeans closed at $9.90 1/2, down 1/2 cent,