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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 were up 10 to 19 1/4 cents today. Meal is up more than $10/ton in each of the front three contracts to support the bean product value, while some minor profit taking is being seen in BO. Chinese sources indicate that 99,341 MT of rapeseed oil was sold from government stocks at auction, which was the entire quantity offered. Prices were higher than the previous auction, which fits with tightening global veg oil stocks forecasts. Traders are looking for the USDA weekly Export Sales report to show large soybean bookings of 1.5 to 2.5 MMT, with more than 900,000 MT of that “known” business. Meal bookings are seen at a pedestrian 200-400,000 MT.
Nov 16 Soybeans closed at $10.10, up 19 1/4 cents,
Jan 17 Soybeans closed at $10.21, up 18 3/4 cents,
Mar 17 Soybeans closed at $10.28 1/4, up 18 3/4 cents,
May 17 Soybeans closed at $10.34 1/4, up 18 cents,