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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 closed 23 to 24 cents higher on the day. Weekly soybean export inspections totaled 112,345 MT, up from 97,160 MT last week. YTD inspections are now at 43,022,455 MT which compares to 35,333,329 MT last year.Private exporters reported to the USDA sales of 486,000 MT of soybeans for delivery to China during the 2014/2015 marketing year. Of the total, 66,000 tons are optional origin sales. The Brugler500 condition index dropped 3 points to 380. That is still the best rating since 1994 (+3 vs. 2004). We lost 2% of the acreage out of the Good category.Pod set is advanced, at 38% vs. the 5 year average of 31%.
Aug 14 Soybeans closed at $12.36 1/2, up 24 1/4 cents,
Sep 14 Soybeans closed at $11.37, up 23 1/4 cents,
Nov 14 Soybeans closed at $11.07 3/4, up 24 1/4 cents,
Jan 15 Soybeans closed at $11.14 1/4, up 24 cents,