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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 finished mostly 7 1/2 to 14 cents lower. May futures settled with the largest loss on the day after putting in a new high for the move at $10.47 1/2 and posting a 32 1/2 cent trading range. May soybean meal poked out a new high, but then closed $5.80 lower, also victim to the Turnaround Tuesday effect. US soybean planting was only 8% done as of Sunday night. Brazil exported 10.086 MMT of soybeans in April, bringing Jan to Apr exports to 20.9 MMT, up 60% year over year. Informa trimmed its 2015/16 Brazilian production estimate by 0.4 MMT to 100.1 MMT (USDA: 100 MMT), and its Argentinean estimate by 4.5 MMT to 55 MMT (USDA: 59 MMT).
May 16 Soybeans settled at $10.21 1/2, down 14 cents,
Jul 16 Soybeans settled at $10.30, down 13 3/4 cents,
Aug 16 Soybeans settled at $10.32, down 12 cents,
Nov 16 Soybeans settled at $10.10 1/4, down 7 1/2 cents,
May 16 Soybean Meal settled at $339.50, down $5.80,