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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 ended the day and the week lower, with today’s close off 3-4 cents in the face of net export sales that were anything but robust, totaling a mere 14,100 MT, which was a marketing year low. Top sales came from Russia, the Netherlands, Mexico, Spain and Japan, and all included substantial amounts switched from unknown destinations, which saw a 413,800 MT reduction. New-crop sales netted at 101,200, with 100,000 of that to unknown destinations. Trade ideas coming into the report had been in the 600,000 MT to 1.1 MMT range. Expectations for soybean meal were small, at only 50-150,000 MT. USDA reported 284,500 MT for 2014/15, and another 6,100 MT for delivery in 2015/16.Exports were down 7% from the prior week. Managed money deserted soybeans in the CFTC reporting week ending January 15, with a net change of 22,059 to the short side, leaving the spec category short more than 7,500 contracts. Index funds also reduced their long position by a more modest 682 contracts, leaving them long by almost 86,700.
Mar 15 Soybeans closed at $9.72 3/4, down 4 cents,
May 15 Soybeans closed at $9.79 1/2, down 3 1/2 cents,
Jul 15 Soybeans closed at $9.85 1/4, down 3 1/2 cents,
Aug 15 Soybeans closed at $9.85 1/2, down 3 1/4 cents,