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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 surged to a seven-week high for the March contract, and closed with double digit gains, partially because of end-of-month buying by investors and reports that while some roads have been opened in Brazil, many are still blocked as truckers seek better terms from the government. Export sales reported by the USDA this morning were stronger than most expected. Export commitments as a % of total projected exports for the marketing year were bumped up to more than 97%. The DTN national soybean index was last reported at $9.6334.
Mar 15 Soybeans closed at $10.24, up 16 1/4 cents,
May 15 Soybeans closed at $10.26 1/2, up 15 3/4 cents,
Jul 15 Soybeans closed at $10.30, up 14 3/4 cents,
Aug 15 Soybeans closed at $10.27, up 13 1/2 cents,