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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 planning 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 1 to 2 cents lower this morning, after closing 10 to 11 1/2 cents higher on Wednesday. The USDA reported in its weekly Export Sales report that 1.179 MMT of US beans were sold to foreign importers during the week ending November 19. Sales to China totaled only 751,661 MT, down 54% from the previous week, and the smallest weekly total since the week ending October 1. Weekly shipments of 1.913 MMT were the fewest since the week ending October 8. Soybean meal export sales were 247,800 MT, after reporting net sales reductions of 7,100 MT for the 2016/17 marketing year. Soy oil net bookings totaled 12,800 MT.
Jan 16 Soybeans are at $8.73 1/4, down 2 cents,
Mar 16 Soybeans are at $8.75 3/4, down 2 cents,
May 16 Soybeans are at $8.82, down 2 cents,
Jul 16 Soybeans are at $8.88 1/4, down 1 1/2 cents,