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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 planning 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 are slightly higher this morning, after closing around a dime higher yesterday, drawing strength from further weakness in the US Dollar and solid export sales to China in the weekly report. After closing at its lowest price since Jan 11 on Wednesday, front month Mar16 beans were up 11 1/4 cents today. China booked 686,609 MT for 2015/16 delivery; following net reductions last week, and the most in a week for that country since mid-January. Weekly Export Sales overall showed some reductions, but there was still a net 601,038 MT of soybeans sold to foreign purchasers during the week ending 2/4.