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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 posted a 26.5 cent trading range on the day, and a 38.25 cent trading range on the week.The January contract ended the day with an 18.5 cent gain, and was also that much higher on the week.The meal market traded on both sides of UNCH today too, with the December contract ending the day $7.60 higher, but ended the week with a loss of $1.70.Higher product value allowed beans to extend their gains today in the face of a sharply stronger US dollar.Argentine soybean planting is now estimated to be 35% completed. According to the CFTC, the managed money accounts had decreased their net long position in soybeans by 10,620 contracts as of the Tuesday close, which brought them to a net long position of 30,733 contracts.They were shown with both less longs and more shorts than in the previous week.
Jan 15 Soybeans closed at $10.39, up 18 1/2 cents,
Mar 15 Soybeans closed at $10.46, up 18 cents,
May 15 Soybeans closed at $10.52 1/4, up 17 3/4 cents,
Jul 15 Soybeans closed at $10.56 1/4, up 17 cents,