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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 closed 2 cents lower to 4 cents higher on the day. Out of the last 10 days, the front month Aug 14 contract has posted 8 up days. Combined old and new crop weekly export sales were 1.456 MMT, when the trade had been expecting to see something between 900,000 MT to 1.2 MMT. Soybean meal bookings were also larger than the trade was expecting with the 14/15 bookings published at 707,400 MT, more than double of any week this year for the next marketing year sales. August bean meal gained $3.70 on the session.
Aug 14 Soybeans closed at $12.24 1/2, up 4 cents,
Sep 14 Soybeans closed at $10.99 3/4, down 2 1/2 cents,
Nov 14 Soybeans closed at $10.82, up 3/4 cent,
Jan 15 Soybeans closed at $10.90 1/4, up 1 1/4 cents,