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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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Soybean futures closed down 6-7 cents today, as products continued to fall. On the week, however, the soybean loss is under 4 cents. May meal was down another $1, bringing its weekly loss to $1.60, and oil is off 57 cents, though the weekly loss is a modest 1 cent. The CFTC report tonight still shows a net short position of almost 39,000 on the part of managed money after they reduced it by 844 contracts for the week. Argentine soybean harvest is 4% completed.
May 15 Soybeans are at $9.67 1/4, down 7 1/4 cents,
Jul 15 Soybeans are at $9.72 1/4, down 6 1/2 cents,
Aug 15 Soybeans are at $9.71 1/4, down 6 1/2 cents,
Sep 15 Soybeans are at $9.56 3/4, down 6 1/2 cents,