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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 are currently trading 6 to 7 cents lower. Preliminary OI was up 4,984 contracts yesterday, a little net new selling. Argentine sources also report excellent early yields. Harvest is estimated to be 4% completed there. About 1/2 million acres have been lost to flooding but the extra moisture has been helpful to crops in other areas. Dow Jones reports an average trade estimate of 85.872 million soybean acres. That would be up 2.5% from last year but is smaller than the other wire surveys in the 85.9-86 million range.
May 15 Soybeans are at $9.66 1/4, down 8 1/4 cents,
Jul 15 Soybeans are at $9.71, down 7 3/4 cents,
Aug 15 Soybeans are at $9.70 1/2, down 7 1/4 cents,
Sep 15 Soybeans are at $9.55 1/2, down 7 1/4 cents,