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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 this morning are trading 3 cents higher in the nearby, but November is only 3/4 cents higher, following double digit losses on Thursday with Jul16 beans down 21 3/4 on the day. USDA weekly Export Sales 1.245 MMT, with 815,820 MT of old crop bookings (the largest weekly total since the week ending January 14). Marketing year to date commitments of old crop beans as of last Thursday were 93.4% of the same time in 2015. In order to reach the full year USDA export forecast of 46.4 MMT, export sales need to average 691,417 MT each week (not including Census adjustments). The Buenos Aires Grain Exchange predicts that 1.94 million soybean acres in Argentina were lost because of heavy rainfall. Growers have also been having difficulty with soybeans going out of condition.