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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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After initially posting a 30 cent trading range in the first few minutes after the report, soybean futures are trading about 7 cents higher as this is written, and bean meal is up $4.70. Soybean acreage was one of the most-popular topics going into the report. Surveys indicated the trade on average expected USDA to come in with 85.9 million acres, up about 2.2 million from last year but the actual intentions came in at just 84.635 million. The average soybean stocks estimate was near 1.35 billion bushels and it too was lighter than the trade expected, coming in at 1.334 billion. EIA reported US January biodiesel production totaled 72 mgal, similar to the 73 mgal for January 2014 but down from 123 mgal in December 2014.