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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 were mostly 18 to 19 cents lower by the end of the session; giving back about half of their gain from Wednesday when November posted a new high for the move. The DJIA was sharply higher today, making it easier for momentum traders to jump ship at the end of a strong week and a strong month in the soybean complex.Weekly export sales were in the upper range of the trade guesses at 1,326,000 MT.New soybean meal bookings came in on the lower end of the range of guesses at 152,900 MT. The largest buyer was Mexico.December meal futures lost more than $17 today after posting new highs yesterday, and again earlier today, touching $408.50.Bean oil followed up its 1.38 gain on Wednesday with another .13 cent boost today.
Nov 14 Soybeans closed at $10.24 1/4, down 18 3/4 cents,
Jan 15 Soybeans closed at $10.29 3/4, down 19 1/4 cents,
Mar 15 Soybeans closed at $10.36, down 20 cents,
May 15 Soybeans closed at $10.42 1/2, down 20 1/4 cents,
Dec 14 Soybean Meal closed at $380.00, down $17.20,