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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 ended with losses of around 22 cents. There was 76% of the US soybean crop with blooms as of Sunday night according to this afternoon’s USDA Crop Progress report. This was up 10 points from the previous 5 year average. Pod set is 9 points ahead of schedule, at 35% complete. The 18-state average crop condition rating was pegged at 377 on our Brugler500 Index, up 1 point from last week. Conditions were generally expected to decline per pre-report surveys. Export Inspections totaled 700,715 MT during the week ending July 21. This was up 75% from the previous week, and nearly 6 times as large as the same week last year. Through July 21, marketing year to date inspections are 5.6% behind last year, as weekly inspections have been larger than last year for three consecutive weeks.
Aug 16 Soybeans settled at $9.83 3/4, down 22 3/4 cents,
Sep 16 Soybeans settled at $9.76 3/4, down 22 cents,
Nov 16 Soybeans settled at $9.66 1/4, down 22 cents,
Jan 17 Soybeans settled at $9.67, down 22 1/4 cents,
Aug 16 Soybean Meal settled at $338.90, down $7.80,