Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Soybean futures are trading 3 cents lower to 3 cents higher. Trade ideas for the USDA Weekly Export Sales report were between 900,000 MT to 1.2 MMT range. USDA put the actual figure at 1.456 MMT. Sources expected positive old crop sales, i.e. larger bookings than cancellations or deferrals. Some sources were also expecting new crop soybean meal bookings as large as 500-650,000 MT. The debate continues whether current dry conditions are hurting the crop in the WCB. Cool temps are mitigating moisture stress from what it might otherwise be.