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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 finished Monday down 11.5 cents for old crop, and mostly 15-16 cents lower for new crop. Weekly Export Inspections of soybeans were down 33.49% from the previous week, but came in at more than double the 92,698 MT of soybeans inspected during the same period last year. After the close, USDA reported that the overall condition of the national soybean crop was unchanged from last week. IL, IN, and MO showed a slight decline while the IA crop was unchanged and the MN crop improved. Planting progress increased 2 points from last week, coming in at 96%. The crop was 93% emerged, and approximately 1/5 of the crop is blooming. The Weekly Commitment of Traders Report from the CFTC was also released today showing official positions reported as of market close on Tuesday, June 30. The net position of Managed Money accounts was net long 67,596 contracts, week/week, a net increase of 65,767 contracts.
Jul 15 Soybeans closed at $10.33 3/4, down 11 1/2 cents,
Aug 15 Soybeans closed at $10.22 1/4, down 16 cents,
Sep 15 Soybeans closed at $10.15 1/2, down 16 cents,
Nov 15 Soybeans closed at $10.14 3/4, down 15 1/2 cents,
Jul 15 Soybean Meal closed at $354.40, down $3.00,