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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 trading 6 cents lower to 7 cents higher. The debate continues whether current dry conditions are hurting the crop in the WCB. Cool temps are mititgating any moisture stress from what it might otherwise be. US Export inspections still show 39 million bushels needed to meet USDA forecasts for the year, but Census numbers are official and have been running larger than inspections. They are also released at least a month and a half later, with the marketing year total not likely to be released until mid-October.
Aug 14 Soybeans are at $12.34, up 7 1/2 cents,
Sep 14 Soybeans are at $11.15 1/2, down 6 cents,
Nov 14 Soybeans are at $10.92, down 3 cents,
Jan 15 Soybeans are at $10.99 1/4, down 3 1/4 cents,