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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 posted gains of more than 53 cents as far out as the January contract. USDA reported US Soybean stocks as of June 1 were 625 mbu; about 6.7% below the average pre-report trade estimate of 670 mbu. On farm stocks were up 126% year/year, but off farm stocks were only up 28% from a year earlier. Planted acreage came in at a record high 85.14 million acres; below trade expectations, but still about 500,000 more than the March intentions report. AR, KS, MO will be resurveyed for planted acreage, with the updated results scheduled to be made available in the August crop report. Dec15 bean meal added $19.20 today, and Dec15 bean oil was 66 cents higher.
Jul 15 Soybeans closed at $10.56 1/4, up 53 3/4 cents,
Aug 15 Soybeans closed at $10.49 1/2, up 55 cents,
Sep 15 Soybeans closed at $10.41 1/2, up 57 cents,
Nov 15 Soybeans closed at $10.37 1/4, up 57 1/4 cents,