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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 posted gains of 3 to 8 cents on the day, getting support from an updated biofuels mandate from the EPA announced this morning that gave bean oil futures a huge boost. July bean oil futures were up $1.27 on the day. Mandated biodiesel use is at higher levels than in the previous proposal. Weekly USDA export sales figures showed that old crop soybean sales continue to accumulate, but new crop sales were relatively light. Private exporters reported to the USDA another 202,000 MT of new crop soybean export sales which were announced this morning under the daily reporting system. According to the CFTC, managed money accounts held a new record large net short position in soybeans as of the Tuesday close.
Jul 15 Soybeans closed at $9.34, up 8 cents,
Aug 15 Soybeans closed at $9.19 1/4, up 5 cents,
Sep 15 Soybeans closed at $9.07 3/4, up 4 1/2 cents,
Nov 15 Soybeans closed at $9.05 3/4, up 3 3/4 cents,