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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 closed just a few cents higher on the day, buoyed by a USDA announced 158,000 MT export sale to unknown destinations this morning. That was seen as possible discomfort with South American logistics. The USDA Export Inspection report this morning showed shipments of 311,622 MT, more than double last week and also larger than year ago. Shipments YTD are 163 million bushels larger than year ago. The soy/corn ratio has been rising the past couple of weeks, apparently trying to buy a few more soybean acres. USDA showed that 2% of the US soybean crop had been planted as of Sunday night.
May 15 Soybeans closed at $9.73, up 3 1/4 cents,
Jul 15 Soybeans closed at $9.73, up 2 1/4 cents,
Aug 15 Soybeans closed at $9.68 1/2, up 1 3/4 cents,