Futures Traders: Get FREE daily videos covering today's hottest market
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.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Soybean futures were down 8 cents to a dime today. The attaches in Brazil and Argentina estimated the 15/16 soy crop at 97 MMT and 57 MMT respectively, each steady with the September WASDE, but with 1 MMT fewer Brazilian exports at 53.5 MMT. The USDA Export Sales report this morning showed 2.28 MMT of soybeans were sold during the week ending last Thursday. Of that, 995,600 MT was 16/17 beans, setting a new marketing year high. These were assumed to be part of the Chinese frame contract. Total sales declined by 9% from the week before. Total soybean commitments are about 7.739 MMT behind year ago but gaining ground. Meal sales netted 275,700 MT, and oil sales were 8,500 MT. The soy meal marketing year began on Oct 1.
Nov 15 Soybeans closed at $8.81 1/4, down 9 3/4 cents,
Jan 16 Soybeans closed at $8.86 1/4, down 8 3/4 cents,
Mar 16 Soybeans closed at $8.90, down 8 3/4 cents,
May 16 Soybeans closed at $8.94 1/2, down 8 1/2 cents,
Oct 15 Soybean Meal closed at $303.80, down $1.40,