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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 7 to 8 cents lower at midday. US export sales are declining seasonally, and the strong dollar is expected to accentuate the drop off. The US has already shipped 85% of the current full year forecast from USDA, and total commitments including unshipped sales are 98% of the forecast.The trade average guess for soybean ending stocks next Tuesday is 377 million bushels, tightening about 8 million bushels from the February USDA figure of 385 million on assumptions of another hike in projected exports. We’re beginning to see deliveries vs. the March soybean contract now that prices have dropped enough to make the original sellers whole. There were 98 lots put out overnight, bringing the 2 day total to 198.
Mar 15 Soybeans are at $9.72 3/4, down 6 1/2 cents,
May 15 Soybeans are at $9.79 1/4, down 6 1/4 cents,
Jul 15 Soybeans are at $9.85, down 6 cents,
Aug 15 Soybeans are at $9.83 1/2, down 7 1/4 cents,