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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.
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Soybean futures are trading mostly 16 to 18.5 cents higher at midday of midweek. Hints of warmer and drier weather are supporting the soybean market for the second consecutive day, with the front two contracts back up over $10.00/bu. The Argentinean ag attache sees biodiesel production in 2016 reaching 2.69 billion liters, up from 2.06 billion liters in 2015. In 2017, production is expected to increase to 3.1 billion liters. AGR Brazil estimates that Brazilian planted acreage will grow by 2% in 2017. Private exporters reported to the USDA this morning that 131,000 MT of US soybeans were sold to China, with 65,000 for 2015/16 delivery, and 66,000 for 2016/17 delivery.
Aug 16 Soybeans are at $10.11 3/4, up 18 1/4 cents,
Sep 16 Soybeans are at $10.04, up 19 cents,
Nov 16 Soybeans are at $9.90 1/4, up 16 1/2 cents,