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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 planning 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 are trading 1 3/4 cents to 2 cents lower this morning. November futures were down 11 cents from Friday to Friday. Pressure came from weakness in both meal and oil, as well as some reports of impressive yields on early bean fields. The Chinese decision to add a 33.8% import duty to US DDGS will likely create some pricing pressure on domestic soybean meal in the near term as the chairs get shuffled. No change in Chinese soybean meal imports is anticipated. The weekly Commitment of Traders Report from the CFTC showed managed money accounts increasing their net long position by a net 11,444 contracts during the week ending Tuesday 9/20. Flooding in southern MN and northern IA is interfering with drop dry down and harvest. Some bushels will likely be lost, but duration and extent of the flooding are the key variables.