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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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Soybean futures are currently trading between 2 and 4 cents higher on the session. Trade expectations for the USDA weekly export sales report ranged from 200,000 MT to 600,000 MT. Expectations for soybean meal were for between 100,000 MT and 350,000 MT. USDA this morning put the weekly soybean Export Sales at 909,000 MT, including 548,900 in new bookings to China. Weekly soybean meal net sales totaled 297,500 MT. The national average soybean basis is about -49 3/4 cents, it has only strengthened 1 1/2 cents since the March contract took over as the lead month despite the 17 1/4 cent drop in the futures.