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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 trading with losses mostly from 2 to 4 1/2 cents despite solid export news for soybeans this morning.Soybean meal sales came in at 228,200 MT.The net sales reported for both old and new crop soybeans were 726,000 MT including more than half a million MT of fresh old crop bookings. Trade estimates for the weekly USDA Export Sales report had been in the 200-450,000 MT range.Then private exporters reported to the USDA this morning another sale of 280,000 MT to unknown destinations for delivery in the 2015/16 marketing year. Those will show up in next week’s report. AgroConsult raised its estimate of Brazilian bean production to a new record of 95.8 MMT. Argentine sources are also reporting excellent early yields. The trade average guess for March 1 soybean stocks is 1.348 billion bushels according to a new Bloomberg study. That is up from 994 million bushels a year ago. The Bloomberg acreage survey came in with 85.949 million acres.
May 15 Soybeans are at $9.74 1/2, down 4 1/4 cents,
Jul 15 Soybeans are at $9.78 1/4, down 4 1/4 cents,
Aug 15 Soybeans are at $9.77, down 4 cents,
Sep 15 Soybeans are at $9.61 1/2, down 2 1/4 cents,