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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 rallied from their intraday lows, but still closed mostly 4 or 5 cents lower on the day.January soybeans lost more than 16 cents on the week.Front month bean meal futures were down nearly 1% from last Friday. Bean oil was higher on the day, but still off 1.21% for the week.The USDA weekly Export Sales report was larger than expected again this week. Cumulative export commitments (shipped + unshipped) now total 86% of the full year WASDE estimate vs. the 5 year average of 79%. The USDA baseline forecast calls for a small decline in 2015 soybean plantings, to 84.0 million acres.The Informa estimate that came out today at 88.8 million acres was much higher than USDA, and up slightly from their previous estimate.Managed money accounts decreased their net-long position in soybeans by -7,390 contracts in the weekly Commitment of Traders report from the CFTC showing official positions as of the closing bell on Tuesday afternoon.
Jan 15 Soybeans closed at $10.30 1/2, down 4 1/2 cents,
Mar 15 Soybeans closed at $10.38 1/2, down 4 3/4 cents,
May 15 Soybeans closed at $10.46, down 4 1/4 cents,
Jul 15 Soybeans closed at $10.52, down 4 cents,
Jan 15 Soybean Meal closed at $363.50, down $1.80,