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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 currently trading 8 to 10 cents higher after a mixed close on Friday. The front month Aug 14 contract was more than 35 cents higher last week on old crop crusher and export demand. The 1.2835 MMT of new crop bookings to China in the weekly export sales report on Thursday limited the November futures loss for the week to less than 2 cents per bushel. The current low prices attracted another 360,000 MT to China confirmed on Friday. Mexico bought 134,700 MT of soybean meal for delivery in the 2014/15 marketing year. As of the close on July 22, CFTC shows managed money selling 12,454 net contracts of soybeans, flipping them from a net long to a net short position of 18,543 contracts.