Futures Traders: Get FREE daily videos covering today's hottest market
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.
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.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Soybean futures posted subtle losses of 6 1/2 to 8 cents on Thursday, after being up as much as 9 3/4 cents at one point during the session. The USDA Export Sales report this morning showed net old crop reductions of 1,365 MT during the week ending July 21. Net sales of both old and new crop soybeans were reported at 676,857 MT, below the low-end of pre-report estimates. China was in for 286,300 MT. Weekly shipments reached 698,531 MT, the largest weekly total since the week ending March 10. As of July 21, old crop commitments were 101.8% of a year ago. Soy meal sales totaled 154,321 MT, and soy oil bookings were reported at 6,514 MT. Under the daily reporting system, private exporters announced that 129,000 MT of US soybeans were sold to China this morning, and an additional 328,000 MT were sold to unknown destinations. Of the combined total, 71% was for 2016/17 delivery. These purchases will show up on next week’s USDA Export Sales report.
Aug 16 Soybeans settled at $10.03 1/2, down 7 cents,
Sep 16 Soybeans settled at $9.93 1/4, down 6 1/2 cents,
Nov 16 Soybeans settled at $9.78, down 8 cents,
Jan 17 Soybeans settled at $9.78 1/2, down 7 3/4 cents,
Aug 16 Soybean Meal settled at $341.50, down $3.30,