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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Soybean futures are trading from 3 to 6 cents higher this morning after Nov15 beans posted a 14 1/4 cent trading range on Thursday. Nov15 beans are off 12.7% from the high on August 10. Weekly export sales for new crop were strong at more than 1.5 MMT, with the daily reporting system announcing another 110,000 MT booked for China, and 773,400 MT booked for unknown destinations. China needs to buy more than 1.3 MMT per week from all sources. With US harvest beginning and a weaker basis, more of the sales are coming to the US. Informa projected the US average soybean yield will hit 47 bpa. That would put the crop at 3.924 billion bushels. That is too many beans, and the hidden hand of the market is trying to encourage use and discourage South American acreage expansion.