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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 settled higher on the day with September up nearly 30 cents as the short squeeze in old crop beans and meal continues. The Pro Farmer estimate for soybean yield is 45.35 bpa, just a couple freckles below the USDA number of 45.4 bushels per acre. Sept meal picked up $19.50 on the day, and October meal jumped on board for a $10.20 ride higher today.Those gave a tremendous boost to product value. USDA reported another 120,000 MT of export sales for 2014/15 to China this morning.The January15 soybean futures contract on the Dalian exchange closed at the US equivalent of $19.90, up about 26 cents on the session.It was $20.58 as recently as August 14.Cash bean bids in Central Illinois were reported as much as 320 cents over the November contract.Managed money increased their net short position in soybeans by 4,994 contracts, bringing them to a net short position of -16,698 contracts; the second-shortest net position reported for managed money since October 10, 2006.
Sep 14 Soybeans closed at $11.66, up 29 3/4 cents,
Nov 14 Soybeans closed at $10.42, up 3 3/4 cents,
Jan 15 Soybeans closed at $10.48 3/4, up 3 1/2 cents,