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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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Soybeans are trading with double digit gains at midday after losing 7 cents or more yesterday. In the weekly crop progress report, USDA estimates that the crop is now 53% harvested vs. the 5yr average of 66% for this date. IL is only 37% complete vs 66% average, while IN is 31% complete vs. 62% average. ND and SD are actually the farthest ahead of normal, with ND 12 points ahead, and SD 11 points ahead of their respective 5yr averages. The crop condition rating on the Brugler500 index was unchanged from last week. Weekly export inspections were a strong this week, at 18% larger than the same week last year. Total year to date export inspections are 123% of a year ago.
Nov 14 Soybeans are at $9.59 1/2, up 15 1/4 cents,
Jan 15 Soybeans are at $9.67, up 14 3/4 cents,
Mar 15 Soybeans are at $9.74 1/2, up 14 1/4 cents,