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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 currently 7 to 8 cents higher despite an overall improvement to US soybean crop conditions in the weekly USDA Crop Progress report. Our Brugler500 Index rose 4 points from last Monday to 366. The Illinois crop saw the biggest improvement, up 11 points to a 354 (was as low as 328 on July 19). MN and OH soybeans experienced improvements as well, up 6 and 5 points respectively on our Index. The NC condition fell by 23 points largely due to the early effects of Hurricane Joaquin. Harvest across several states, including IL, IN, MI, MN, ND, and OH, is more than 10 points ahead of their respective five year averages. Northern Brazil is on the dry side as planting expands, while the south is plenty damp.