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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 settled the last day of July off 9 to 12 cents. Even with a couple days of rallies, soybeans could not recover all the ground that was lost on Monday. Most contracts ended 9 to 15 cents off their daily high. China canceled the purchase of 200,000 MT of beans for 14/15 delivery early this morning. September beans ended 10 1/2 cents (-1.1%) off their price from last Friday. November beans were a quarter of a cent shy of being down a dollar per bushel from the high on July 1. The Commitment of Traders report today states that the net long position of managed money accounts fell to 62,295 contracts as of the Tuesday close. This was a net long reduction of 27,924 contracts.
Aug 15 Soybeans closed at $9.80 3/4, down 9 1/2 cents,
Sep 15 Soybeans closed at $9.53 1/4, down 11 1/4 cents,
Nov 15 Soybeans closed at $9.40 1/4, down 9 3/4 cents,
Jan 16 Soybeans closed at $9.45 3/4, down 9 1/2 cents,
Aug 15 Soybean Meal closed at $354.60, down $2.50,