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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 8 cents lower. Funds were estimated to be net sellers of roughly 4,000 lots of beans and 2,000 lot of meal. Export bookings continue to be strong. Private exporters reported to the USDA export sales of 135,000 MT of soybean cake and meal for delivery to unknown destinations during the 2014/2015 marketing year. Export inspections still show 39 million bushels needed to meet USDA forecasts for the year, but Census numbers are official and have been running larger than inspections. They are also released at least a month and a half later.