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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert 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,