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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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Soybeans are fractionally mixed, as a rally from the overnight lows stalled out about 7 cents higher on the day. October meal futures are down $2.90/ton. The US dollar is weaker this morning. Crop condition ratings did decline due to the frost and freeze, but the market is treating any losses as insignificant. Ratings dropped in MI, MN, MO, NE, NC, ND & SD. Approximately 45% of the crop is now dropping leaves, and 3% of the crop has been harvested, compared to the 5yr averages of 53% and 8%, respectively. Early planting has started in Brazil, with conditions on the dry side but looking wetter going forward. Chinese Customs confirmed total August soybean imports of 6.03 MMT.