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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 settled Turnaround Tuesday 11 to 14 cents higher, following losses of 28 to more than 31 cents on Monday. Bean meal and oil prices also firmed today. The Chinese market has reportedly stabilized after witnessing one of the sharpest selloffs in more than 8 years yesterday. The condition of the US soybean crop improved 1 point on the Brugler500 Index when others in the industry were expecting to see more of an improvement. Louisiana lost 10 points from last week, but the Michigan crop improved by 9 points. The Iowa rating lost a point. USDA reported 71% of the crop had reached the blooming stage by Sunday night, one point shy of the 5yr avg. At least 34% of the national crop was setting pods, vs. the 5yr avg of 31% for this date. MN and ND maturity is currently way ahead of normal.
Aug 15 Soybeans closed at $9.74 3/4, up 13 1/2 cents,
Sep 15 Soybeans closed at $9.54, up 14 3/4 cents,
Nov 15 Soybeans closed at $9.44 3/4, up 11 1/2 cents,
Jan 16 Soybeans closed at $9.50 3/4, up 11 1/4 cents,