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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 almost a dime lower despite continued concerns about dryness in parts of South America. In GuanDong province of China, the crush margin for North American and Brazilian soybeans is still about equal – in the red by about $15/ton –despite the strength in the dollar. On Monday the Yuan tested the boundary of what the government will tolerate when it traded 1.94% weaker than the limit of the reference rate at the Peoples Bank of China. The stronger dollar and weaker Yuan ultimately could hurt US competitiveness. The US national cash price was at $9.33 3/4 on Monday night. That puts the national average basis at -49 3/4 cents, which is 16 1/2 cents weaker than it was a year ago. Turning to 2015 crops, CBO sees a jump from 83.7 million acres last year to 86 million this year, but projects a slight drop in the crop size.
Mar 15 Soybeans closed at $9.73 3/4, down 9 3/4 cents,
May 15 Soybeans closed at $9.81 1/4, down 9 cents,
Jul 15 Soybeans closed at $9.87, down 9 cents,
Aug 15 Soybeans closed at $9.87 1/4, down 9 cents,
Mar 15 Soybean Meal closed at $336.60, down $2.30,