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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Soybean futures are currently more than 6 cents higher after gains of as much as 30 cents on Thursday. USDA reported net weekly export sales at 2.17 MMT, well above the top trade guess of 1.2 MMT. The largest buyer was China @ more than 1.7 MMT. Dec meal futures added $14.40 on Thursday. Overnight, they are currently up another $5.50. Cumulative 2014/15 meal export commitments are currently well ahead of recent years. USDA shows commitments for 57% of the projected full year shipments. Typically only 36% would have been purchased by now.