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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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Soybeans posted double digit losses today, with the exception of the nearby and old crop focused September contract. September was down 1/2 cent. September options expire on Friday.Soybean meal closed $3.10/ton higher to support the spot beans. ABIOVE raised its projection for 2014 Brazilian soybean exports to 45 MMT from 44 MMT.This morning, USDA reported private exporters sold 110,000 MT of soybeans to Vietnam for 2014/15 delivery.
Sep 14 Soybeans closed at $11.19 3/4, down 1/2 cent,
Nov 14 Soybeans closed at $10.38, down 14 3/4 cents,
Jan 15 Soybeans closed at $10.45 3/4, down 14 3/4 cents,
Mar 15 Soybeans closed at $10.52 1/2, down 15 1/2 cents,