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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 currently about 11 cents higher in the September contract, and up 1 to 2 cents in the rest. Trade estimates for weekly export sales were from 700,000 MT to 1.1 MMT range. New crop bookings came in above expectations at 1,290,800 MT. A total of more than 8.5 MMT of new crop bookings have been reported sold in the past 6 weeks (312 million bushels).Old crop export commitments are 103% of the full year USDA forecast, a little behind the usual 105% heading into the last week of the marketing year. There is also some business which cannot be shipped and is rolled over to the following year.