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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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Soybean futures are currently trading mostly 2 1/4 cents lower after losses of 2 to 4 1/2 cents yesterday. Preliminary OI was up 4,984 contracts, a little net new selling. Weekly export sales were strong at 726,000 MT but had little apparent market impact. Additional sales were noted under the daily reporting system. On a bearish note, AgroConsult raised its estimate of Brazilian bean production to a new record of 95.8 MMT. Argentine sources also report excellent early yields. About 1/2 million acres have been lost to flooding but the extra moisture has been helpful to crops in other areas. Dow Jones reports an average trade estimate of 85.872 million soybean acres. That would be up 2.5% from last year but is smaller than the other wire surveys.