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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Soybean futures are 6 to 8 cents lower after ending Tuesday mostly 15 to 17 1/2 cents higher with July posting a range that was twice as big. November 16 beans found support at $11 even, and are around $11.12 this morning. The rally was mostly short covering, with preliminary OI down -20862 contracts. Meal open interest dropped 2,769 contracts. July bean meal futures posted separate gains of $8.40 each during two consecutive sessions. Weekly Crop conditions slipped another point on our Brugler500 Index, but with only 9% of the national crop blooming as of Sunday night, it is still early. The ND crop is off to an exceptional start as it has 19% blooming when it would normally have only 3% by this week. AR, LA, and MI are each well ahead of their respective 5yr averages, with AR out in front: 21 points ahead of normal.