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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 are trading 5 to 10 cents higher at midday of the Tuesday session. Brazilian soybean exports were 8.4 MMT in July, nearly 40% larger than July in 2014. US Soybean crop conditions improved slightly overall from a week earlier, gaining one point on the Brugler500 Index to 362. Last year at this time the Brugler500 Index was at 380. Approximately 54% of the crop is setting pods, which is about 5 points ahead of the 5 year average. The soybean condition in Iowa improved significantly week to week, gaining 8 points on the Brugler500 Index. Indiana, Michigan, and Ohio all gained 5 points. Louisiana, Mississippi, and North Carolina saw the biggest condition cuts, losing 6, 14, and 11 points each.