Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Soybean futures are trading steady to slightly higher this morning after a strong performance on Tuesday. Some bulls were swayed by odds greater than 50/50 for prices to settle higher today and on Friday. It does seem to matter how many years you include in the calculation! Strong price support came from the soybean meal and soybean oil markets yesterday. The domestic crushers need beans to make meal for export and the export market for whole beans has been strong at this price level too. That is creating competition for the beans that are moving.