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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 3 cents higher at midsession.Dec bean oil was up 87 points on Monday, but is giving back a little on revisionist thinking about the size of the Malaysian palm oil crop. Soybeans are being supported by a 516,000 MT sale to China announced under the daily reporting system this morning. Traders were looking for NASS to show about 77% of the US crop harvested, and the official figure was 76%.That matches the 5 year average pace. SAFRAS estimates that Brazilian soybean planting is 26% completed, about 8 points ahead of last year for this date.
Nov 16 Soybeans are at $9.93 1/2, up 1 1/2 cents,
Jan 17 Soybeans are at $10.04 1/2, up 2 1/4 cents,
Mar 17 Soybeans are at $10.12, up 3 cents,
May 17 Soybeans are at $10.18 1/2, up 3 1/4 cents,