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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 20-23 cents lower at midday, with November off 20 cents from Friday following a 28 cent loss in that contract last week. Weather forecasts for much of the nation are thought to be mostly indicating a strong finish for the bean crops. The Friday night CFTC report shows the large spec funds getting less bearish by 6,057 contracts last week. Traders are looking for US soybean harvest to be 3-4% complete. Weekly export inspections reported this morning were 467,684 MT vs. 457,257 MT during the same week last year. The YTD total is 36% ahead of the previous year.
Nov 14 Soybeans are at $9.36 1/4, down 20 3/4 cents,
Jan 15 Soybeans are at $9.43 1/2, down 21 3/4 cents,
Mar 15 Soybeans are at $9.49 3/4, down 23 cents,
May 15 Soybeans are at $9.56 1/2, down 23 1/4 cents,