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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 were sharply higher on the day. November closed more than 22 cents higher, and was up 69 cents for the week; a weekly gain of more than 7%. Congestion on the rails, and crushers who need the soybeans, was a big driver of the price increase. Weekly US export sales for soybeans were solid again this week, confirming strong competition for the few beans that farmers are willing to part with at these prices. December bean meal futures were up $38.80 for the week; that is more than 11%! Palm oil futures in Malaysia hit the highest readings since July, providing support to soy oil. The weekly Commitment of Traders report from the CFTC showed managed money accounts are now net long 8,382 contracts; a net change of 24,719 contracts from last week.
Nov 14 Soybeans closed at $10.46 1/2, up 22 1/4 cents,
Jan 15 Soybeans closed at $10.49 1/4, up 19 1/2 cents,
Mar 15 Soybeans closed at $10.53 1/4, up 17 1/4 cents,
May 15 Soybeans closed at $10.58, up 15 1/2 cents,