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 are trading 9 to 10 cents lower in most contracts at midday. Pressure comes from a steady flow of impressive yield reports as well as further weakness in meal, with Sept down $5.70, and oil off 11 points. Weekly export inspections for soybeans were 383,953 MT in this week’s report. That figure is only about half of the amount reported a week earlier, and down about 30% from the same week a year ago. The weekly Commitment of Traders Report from the CFTC showed managed money accounts increasing their net long position by a net 11,444 contracts during the week ending Tuesday 9/20. Flooding in southern MN and northern IA is interfering with crop dry down and harvest. Some bushels will likely be lost, but duration and extent of the flooding are the key variables.
Nov 16 Soybeans are at $9.44 3/4, down 10 1/4 cents,
Jan 17 Soybeans are at $9.51, down 10 cents,
Mar 17 Soybeans are at $9.56 3/4, down 9 3/4 cents,