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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 currently trading 3 to 4 cents higher after losing 7 cents or more yesterday. Rain showers in some key Brazilian growing areas brought some pressure, along with better US conditions. 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. The crop condition rating on the Brugler500 index was unchanged from last week. Weekly export inspections were a strong 1,991,537 MT; that is 18% larger than the same week a year ago. Total year to date export inspections are 123% of a year ago. The peak for weekly shipments is usually in October or November.