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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.
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.
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Soybeans are currently a dime lower in electronic trading. US export commitments are 66% of the full year USDA forecast, with outstanding (unshipped) sales 4% larger than year ago. The bull story is soybean meal, with outstanding export sales 59% larger than were on the books a year ago. The Informa estimate for 2015 planted soybean acres came out today at 88.5 million acres; if realized it would be a 4.5 million acre increase from the current USDA estimate for 2014. The weekly COT report from the CFTC showed managed money accounts getting 7,267 contracts less-short, bringing their net short position to -17,190 contracts as of the Tuesday close.