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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 trading 2 to 9 cents higher on the day. The front month Aug 14 contract is displaying the most strength and is up nearly a dime. 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, with 87% of the total booked for 2014/15 delivery. Some sources were also expecting new crop soybean meal bookings as large as 500-650,000 MT, and the 14/15 bookings were reported even stronger than expected at 707,400 MT.
Aug 14 Soybeans are at $12.29 3/4, up 9 1/4 cents,
Sep 14 Soybeans are at $11.04 1/4, up 2 cents,
Nov 14 Soybeans are at $10.85 1/4, up 4 cents,
Jan 15 Soybeans are at $10.93 1/2, up 4 1/2 cents,