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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 are trading 3 to 4 cents higher this morning, following modest gains on Wednesday. Warmer and drier weather forecasts supported the soybean market, along with end of month short covering by the funds. Ahead of this morning’s USDA Export Sales report, traders expect the soybean sales figure to range from 800,000 MT to 1.2 MMT. Soy meal sales of 50,000 to 250,000 MT, and soy oil sales of 0 to 40,000 MT are believed to have taken place during the week ending last Thursday. Argentinean biodiesel production is predicted by the ag attach to reach 2.69 billion liters in 2016, up from 2.06 billion liters in 2015. Production is expected to increase to 3.1 billion liters in 2017.