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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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Soybeans are currently trading 3 to 24 cents higher with September up nearly a quarter-dollar as the short squeeze in old crop beans and meal continues. Sept meal is $17.70 higher on the day.Flash flood warnings are in effect today for IL, IN and OH. USDA reported another 120,000 MT of export sales for 2014/15 to China this morning.The January15 soybean futures contract on the Dalian exchange closed at the US equivalent of $19.90, up about 26 cents on the session.It was as high as $20.58 as recently as August 14.Cash bean bids in Central Illinois were reported as much as 320 cents over the November contract on Thursday.
Sep 14 Soybeans are at $11.60 3/4, up 24 1/2 cents,
Nov 14 Soybeans are at $10.43 3/4, up 5 1/2 cents,
Jan 15 Soybeans are at $10.50 1/2, up 5 1/4 cents,