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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 showing double digit gains in chopping trading. They surged more than 20 cents higher following the USDA Export Sales report, dropped back to single digit gains on profit taking, and are now trying to rally again. High temps and limited rainfall are stressing shallow rooted beans in the Midwest. Rainfall will still be spotty but cooler temps are expected next week. Trade estimates for the USDA weekly Export Sales report were in the 1.2 to 1.6 MMT range. USDA reported net export sales last week for old crop were 226,700 MT, and the new crop total was a whopping 2.451 MMT, with 1.2835 MMT slated for delivery to China.The new crop price finally got cheap enough for China to step in and buy big.
Aug 14 Soybeans are at $12.12 1/2, up 11 1/2 cents,
Sep 14 Soybeans are at $11.14 1/2, up 12 3/4 cents,
Nov 14 Soybeans are at $10.89 1/2, up 13 cents,
Jan 15 Soybeans are at $10.96 1/4, up 11 1/2 cents,