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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 finished Tuesday sharply lower, off 29 to 32 points, with more weakness in the front month. July has lost 43 1/4 cents so far this week, and the national average basis was more than 11 cents weaker on Monday night than it was just a week earlier. Some of the projected acreage was still unplanted as of Sunday night, but the market saw the crop condition ratings hold steady from a week earlier. Global economic concerns and prospects of a stronger US Dollar likely caused some of the spec longs to take some money off the table ahead of the WASDE report scheduled for Friday where many expect to see larger South American production.
Jul 15 Soybeans closed at $10.02, down 31 3/4 cents,
Aug 15 Soybeans closed at $9.92, down 30 1/4 cents,
Sep 15 Soybeans closed at $9.85 1/4, down 30 1/4 cents,
Nov 15 Soybeans closed at $9.85 3/4, down 29 cents,
Jul 15 Soybean Meal closed at $349.90, down $4.50,