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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 are currently trading between 2 and 4 cents higher on the session. Trade expectations for the USDA weekly export sales report ranged from 200,000 MT to 600,000 MT. Expectations for soybean meal were for between 100,000 MT and 350,000 MT. USDA this morning put the weekly soybean Export Sales at 909,000 MT, including 548,900 in new bookings to China. Weekly soybean meal net sales totaled 297,500 MT. The national average soybean basis is about -49 3/4 cents, it has only strengthened 1 1/2 cents since the March contract took over as the lead month despite the 17 1/4 cent drop in the futures.