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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 closed with gains mostly near 11 cents. The hot and dry weather on pod filling soybeans in some key growing areas of Brazil generated some market talk that likely supported prices today.Export inspections this week were slightly larger than last week, but off 24.39% from the total for the same week a year ago. YTD inspections are still up 17.7% from a year ago.The Brazilian farm consulting group AgRural says the harvest is about 3% complete, but cautioned that rain is still needed in some key areas if it is going to keep its production estimate at 95 MMT next month.Many of the major growing areas of Argentina are expected to have mostly favorable conditions for their developing soybeans.
Mar 15 Soybeans closed at $9.83 1/2, up 10 3/4 cents,
May 15 Soybeans closed at $9.90 1/4, up 10 3/4 cents,
Jul 15 Soybeans closed at $9.96, up 10 3/4 cents,
Aug 15 Soybeans closed at $9.96 1/4, up 10 3/4 cents,