Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Soybean futures are trading steady to fractionally higher this morning after closing 6-7 cents lower on Friday. The weekly soybean loss was less than 4 cents. May meal had a weekly loss of only $1.60 per ton. The CFTC report on Friday night showed a spec fund net short position of almost 39,000, with little movement for the week (844 contracts net). Argentine soybean harvest is 4% completed. As you know by now, the surveys show the trade expecting USDA to show planting intentions of 85.9 million acres, up about 2.2 million from last year. Some estimates run as high as 88 million however.