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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 are trading 1 to 12 cents higher. Funds were estimated to be net sellers of roughly 7,000 beans and 3,000 lots of meal yesterday. Weekly soybean export inspections totaled 96,915 MT, down from 118,193 MT last week. YTD inspections are now at 42,909,855 which is 7,613,111 MT more than the same week last year. The US needs to export roughly 43 million bushels in 7 weeks to meet the USDA forecast for the year (not counting the discrepancy between Census data and Inspections). Private exporters reported to the USDA export sales of another 120,000 MT of soybeans to China for the 2013/14 marketing year. USDA reported on Monday night that 60% of the soybean crop is blooming, ahead of the 56% average for this date. Soybeans in the pod setting stage were reported at 19% versus the five year average of 17%.