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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 planning 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 ended the day with gains of 7 to 8 cents after rallying about 18 to 19 cents from session lows for most contracts. The monster-crop mindset has been pressuring the market, but an export sale to China announced under the daily reporting system Tuesday morning brought some support to help prices bounce from near recent lows. That countered some of the bearish sentiment from Monday's relatively weak export inspections report. National crop condition ratings were unchanged overall this week, but the Arkansas rating was up 7 points, while the Iowa rating lost another point this week. More than 2/3 of the national crop is dropping leaves, and 10% of the crop has already been cut. Overall harvest is 3 points behind normal, but Arkansas is running 5 points ahead of normal. The average pre-report trade estimate for Sept. 1 soybean stocks in all positions is 200 million bushels(mbu), but there is a 98 mbu difference between the low and high guesses.
Nov 16 Soybeans settled at $9.52 1/2, up 7 1/4 cents,
Jan 17 Soybeans settled at $9.58 3/4, up 7 1/4 cents,