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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 settled a tick or two higher on the day, with bean meal contracts a little stronger.Weekly export inspections reported by USDA this morning were up nearly 20% from last week and 29% larger than the same week a year ago.Total export commitments as of March 19 are near 100% of the current USDA projection for 2014/15 exports.Shipments YTD are 153 million bushels ahead of year ago. The surveys show the trade expecting USDA to show planting intentions of about 85.9 million acres, up about 2.2 million from last year. Some estimates run as high as 88 million total soybean acres. US January biodiesel production totaled 72 mgal, similar to the 73 mgal for January 2014 but down from 123 mgal in December 2014.