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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 sharply lower on the day, with the March contract ending the session down 19.5 cents after it poked out a new high for the move during the overnight session. Contrary to corn, export inspections reported at 635K this week are down close to 35% from the prior week and the same week for the prior year, as the seasonal drop off begins. YTD inspections slipped to 113.6% of last year for this date. China was the top destination by far, with nearly 231K inspected on the Mississippi and another 198K in the PNW.
Mar 15 Soybeans closed at $10.11 1/4, down 19 1/2 cents,
May 15 Soybeans closed at $10.13 3/4, down 18 cents,
Jul 15 Soybeans closed at $10.17 3/4, down 17 cents,
Aug 15 Soybeans closed at $10.15 1/4, down 15 3/4 cents,
Mar 15 Soybean Meal closed at $344.30, down $9.40,