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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 finished down 3 to 13 cents. Nov15 beans hit a new calendar year high of $10.40 this morning before retreating, marking a 13.88% increase in price since the low on June 15th. That contract finished at $10.29 1/2 today. Preparing for the Export Sales report tomorrow, analysts estimate that soybean export sales for the week ending June 25 will be between 150 and 500 thousand MT. Soy meal export sales are projected to be 100,000 to 300,000 MT, while soy oil sales are estimated from 0 to 15,000 MT. The CME group will raise soybean margins after the close this afternoon, up $330 to $2,200 per contract.
Jul 15 Soybeans closed at $10.44, down 12 1/4 cents,
Aug 15 Soybeans closed at $10.40 3/4, down 8 3/4 cents,
Sep 15 Soybeans closed at $10.32 3/4, down 8 3/4 cents,
Nov 15 Soybeans closed at $10.29 1/2, down 7 3/4 cents,