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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 mostly 2 or 3 cents lower this morning after advancing 9 to 10 cents on Monday. After the close, USDA reported an improved soybean condition in its weekly Crop Progress report. Our Brugler500 Index rose 4 points from last Monday to 366 (2014: 386). Soybeans dropping leaves was at 85%, two points ahead of the five year average. Harvest was 10 points ahead of the five year average schedule as of Sunday night at 42% done. The USDA Export Inspections at 1.123 MMT were down the volume from the previous week, and 12% larger than the same week a year ago. Current marketing year cumulative inspections are now actually 59,000 MT larger than a year ago. Northern Brazil is on the dry side as planting expands, while the south is plenty damp.