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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 mostly 9 to 10 1/4 cents higher to start the week. Dec bean oil was up 87 points, accounting for most of the day's gain in soybeans. The November soybean contract reached as high as $9.99 3/4 before selling off until it found support in the $9.85 area. Weekly export inspections reported by USDA this morning were the largest so far this marketing year at 2.739 MMT. That figure is up 9.2% vs. last week and +2.78% vs the same week last year. Traders were looking for today's NASS report to show about 77% of the US crop harvested, and the official figure was 76%. That is 14 points farther along than a week earlier, and on par with the 5yr avg pace.
Nov 16 Soybeans settled at $9.92, up 9 cents,
Jan 17 Soybeans settled at $10.02 1/4, up 10 cents,
Mar 17 Soybeans settled at $10.09, up 10 1/4 cents,
May 17 Soybeans settled at $10.15 1/2, up 10 cents,