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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 were sharply higher on the day, with November settling just a penny off the high for the day, up more than 30 cents.USDA reported net weekly export sales at 2.17 MMT, when the pre-report expectations from the trade topped at 1.2 MMT. The largest buyer was China, in for more than 1.7 MMT.Soybean meal bookings were only 23,000 MT vs. trade ideas in the 150,000 to 350,000 MT range, due to cancellations. Dec meal futures still added $14.40 on the day.Cumulative 2014/15 meal export commitments are currently well ahead of recent years.Soybean futures on the Dalian exchange were at the US dollar equivalent of $19.94 today.
Nov 14 Soybeans closed at $9.93 1/4, up 30 1/2 cents,
Jan 15 Soybeans closed at $10.00, up 30 1/4 cents,
Mar 15 Soybeans closed at $10.06 1/2, up 29 1/2 cents,
May 15 Soybeans closed at $10.12 1/2, up 27 3/4 cents,