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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 finished the session steady to down 4 cents, while November settled around 9 cents off its low for the day. Nov15 beans posted a 22 3/4 cent trading range since last Wednesday. On Tuesday, the World Meteorological Organization stated that El Nino should hit its climax between October and January, and will continue to have impacts for the next 4 to 8 months. Brazilian soybean exports in August are reported as 5.16 MMT, up from 4.12 MMT in August 2014, but typically down from July (8.44 MMT). Industry analysts project 550,000 MT to 1.15 MMT of soybean bookings to be reported in the USDA Export Sales report on Thursday. Soybean meal sales are estimated from 50,000 MT to 200,000 MT. Soy oil sales projections range between 5,000 MT to 40,000 MT. A Farm Futures survey said that US farmers intend to plant 86.32 million acres of soybeans in 2016; projecting another yr/yr increase.