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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 planking 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 with double digit losses at midday.The bearish world fundamental outlook is pressuring prices again today.Brazilian consultancy Safras and Mercado updated its projection for the 2014/15 soybean crop, putting total production in Brazil at 95.02 MMT, which is 880,000 MT lower than its November estimate, but still 8.42 MMT larger than it was last year; a 9.72% jump year over year.AgroConsult is projecting a 94 MMT crop.Brazilian soybean harvest is estimated to be 6% complete.US Soybean meal is also showing steep losses at midday, down $9.10 on the session.March 2015 bean oil futures are higher on the day after posting a new life of contract low on Thursday.