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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 down 6-7 cents today, as products continued to fall. On the week, however, the soybean loss is under 4 cents. May meal was down another $1, bringing its weekly loss to $1.60, and oil is off 57 cents, though the weekly loss is a modest 1 cent. The CFTC report tonight still shows a net short position of almost 39,000 on the part of managed money after they reduced it by 844 contracts for the week. Argentine soybean harvest is 4% completed.
May 15 Soybeans are at $9.67 1/4, down 7 1/4 cents,
Jul 15 Soybeans are at $9.72 1/4, down 6 1/2 cents,
Aug 15 Soybeans are at $9.71 1/4, down 6 1/2 cents,
Sep 15 Soybeans are at $9.56 3/4, down 6 1/2 cents,