Futures Traders: Get FREE daily videos covering today's hottest market
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.
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 currently trading mostly 2 1/4 cents lower after losses of 2 to 4 1/2 cents yesterday. Preliminary OI was up 4,984 contracts, a little net new selling. Weekly export sales were strong at 726,000 MT but had little apparent market impact. Additional sales were noted under the daily reporting system. On a bearish note, AgroConsult raised its estimate of Brazilian bean production to a new record of 95.8 MMT. Argentine sources also report excellent early yields. About 1/2 million acres have been lost to flooding but the extra moisture has been helpful to crops in other areas. Dow Jones reports an average trade estimate of 85.872 million soybean acres. That would be up 2.5% from last year but is smaller than the other wire surveys.