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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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Soybean futures are currently down another 7 to 8 cents after closing 3 1/2 to 8 1/4 lower on Wednesday. Preliminary open interest data shows some long liquidation, with OI down 4,195 contracts yesterday. Bean meal futures were down 90 cents to as much as $1.90/ton with OI dropping 747 lots. Sept bean oil futures were 32 cents lower, taking more than 3 cents per bushel off of bean value. The PFA Tour pod counts for Illinois averaged 1318.09 per sample vs. the 3 year average of 1201.87. Stronger numbers are also expected for IA and MN when released on Thursday evening. Trade ideas ahead of the USDA Weekly Export Sales report this morning ranged from 1.0 million metric tonnes (MMT) to 1.8 MMT. The pace of announcements under the daily reporting system slowed during that Aug 11-18 period.