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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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Soybeans are trading sharply higher at midday, mostly on strong export sales in the weekly report this morning.Traders were looking for USDA to report net weekly export sales of 700,000 MT to 1.2 MMT. The actual figure for combined old and new crop bookings was 2.17 MMT.The largest buyer was China, in for more than 1.7 MMT.Soybean meal bookings were only 23,000 MT vs. trade ideas in the 150,000 to 350,000 MT range, due to cancellations. Both soybean and meal export commitments remain well ahead of the average pace for mid-October. Dec meal futures are also sharply higher at midday.Brazilian producers have been able to resume planting in the central part of the country after some needed rains arrived. That also meant fresh Brazilian hedge sales.
Nov 14 Soybeans are at $9.83 3/4, up 21 cents,
Jan 15 Soybeans are at $9.90 1/2, up 20 3/4 cents,
Mar 15 Soybeans are at $9.97 1/4, up 20 1/4 cents,