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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 closed sharply lower, with November off more than 18 cents on the day.October meal futures were down $4.70. The overall condition rating of the US crop is actually lower this week than last week in the Crop Progress Report from the USDA.NASS took one point from excellent and put it into the very poor category.This took the Brugler500 Index 4 points lower, in the largest single-week reduction shown this year. This is a delayed reaction to frost and freeze damage, along with localized flooding and damage from heavy rains.Approximately 45% of the crop is now dropping leaves, and 3% of the crop has been harvested, compared to the 5yr averages of 53% and 8%, respectively.Weekly export inspections reported this morning were 467,684 MT vs. 457,257 MT during the same week last year.The YTD total is 36% ahead of the previous year.
Nov 14 Soybeans closed at $9.38 1/4, down 18 3/4 cents,
Jan 15 Soybeans closed at $9.45 3/4, down 19 1/2 cents,
Mar 15 Soybeans closed at $9.52 1/4, down 20 1/2 cents,
May 15 Soybeans closed at $9.58 3/4, down 20 3/4 cents,
Oct 14 Soybean Meal closed at $319.40, down $4.70,