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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 from 1 to 5 cents lower this morning after Turnaround Tuesday left the May soybeans 14 cents lower. May soybean meal poked out a new high, but closed lower with a loss of $5.80 yesterday and it is down $4.50 so far this morning. Brazil exported 10.086 MMT of soybeans in April, which helped Jan to Apr exports jump 60% year/year. Informa trimmed its 2015/16 Brazilian production estimate by 0.4 MMT to 100.1 MMT, and its Argentinean estimate is down 4.5 MMT to 55 MMT. In April, USDA was at 100 MMT and 59 MMT respectively.