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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 were 7 1/2 to 7 3/4 cents higher on Friday, and that helped the November contract finish the week 20 1/2 cents higher (+2.09%) Weekly soybean export sales and shipments were both > 2MMT in this week's report. Meal sales were strong too. Weekly data from the CFTC showed managed money accounts with a net long position that was 14,582 contracts larger than a week earlier. That group was adding longs and getting out of shorts. Commercial accounts added 25,916 shorts, and 4,916 longs for a week/week net change that left them 21,000 contracts more short than a week earlier.
Nov 16 Soybeans settled at $9.83, up 7 1/2 cents,
Jan 17 Soybeans settled at $9.92 1/4, up 7 1/2 cents,
Mar 17 Soybeans settled at $9.98 3/4, up 7 3/4 cents,
May 17 Soybeans settled at $10.05 1/2, up 7 3/4 cents,