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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 closed 8-10 cents lower in the face of the flow of the record Brazilian harvest. Net export sales, at 501,200, were slight above the high end of the pre-report estimates of 300,000-500,000 MT. All but 1,700 MT were for delivery of old-crop. The US has already shipped 85% of the current full year forecast from USDA, and total commitments including unshipped sales are 98% of the forecast.The trade average guess for soybean ending stocks next Tuesday is 377 million bushels, slipping about 8 million bushels from the February USDA figure of 385 million on assumptions of another hike in projected exports.
Mar 15 Soybeans closed at $9.79 1/4, down 9 3/4 cents,
May 15 Soybeans closed at $9.85 1/2, down 8 1/2 cents,
Jul 15 Soybeans closed at $9.91, down 8 3/4 cents,
Aug 15 Soybeans closed at $9.89, down 9 1/4 cents,