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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 planning 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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Soybean futures are currently trading from 3 to 6 cents higher after gaining 5 3/4 to 7 cents on Friday. According to the CFTC on Friday afternoon, managed money held a net long position of 202,173 contracts as of the close on May 24. The spec group reduced their net long position by 2,980 contracts from the previous Tuesday. The Buenos Aires Grain Exchange estimated that Argentinean soybean harvest was 72% complete on Friday, up 11 percentage points from the Friday before. IMEA is estimating Mato Grosso corn production at 21.2 MMT vs. 26.2 MMT LY. Chinese soy futures at Dalian were higher on Monday for the third session in a row.