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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 are currently another six cents lower after double digit losses on Thursday. USDA put weekly export sales for soybeans at 1,468,500 MT. There were also 110,000 MT of soybean sales to China announced under the daily reporting system, following more than 600 thousand MT announced the previous day. Soybean export sales commitments (shipments and contracts) already cover 55% of the USDA forecast for the year. They are well ahead of the 48% average for this date. Customs inspectors in Argentina are on strike, effectively closing the ports for the duration (expected to be 4 days barring a resolution).