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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 are trading another 12 to 14 cents lower this morning after losses of 14 to 15 3/4 yesterday. Board crush margins remain very attractive to processors. US export shipments YTD are now 135 million bushels behind year ago at this time following a poor weekly number. The USDA full year forecast calls for a 103 million bushel shortfall. Chinese imports year to date through April are up 11.4% vs. year ago at 23.3 MMT. USDA showed last night that 56% of the US soybean crop had been planted as of Sunday. The five year average for this week is 52% planted and 21% emerged. The Monday report had national emergence at 22%, up from 10 % a week ago.