Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Soybean futures are steady to 4 3/4 cents lower at midday, after trading 3 to 6 cents higher this morning. Jul16 meal is down $2.10. There was 182,261 MT of US soybeans inspected for export during the week ending last Thursday, per the USDA this morning. This more than doubled both the previous week’s soy inspections and the weekly total during the same week a year ago. As of May 26, YTD inspections were 43.398 MMT, just 7.6% behind the same period in 2014/15. Under the daily reporting system, private exporters announced that 213,000 MT of US soybeans were sold to unknown destinations this morning, with 140,000 MT of that for 2016/17 delivery. A survey of trade analysts shows that on average, soybean planting progress is expected to be 71% finished. The IMEA is estimating Mato Grosso corn production at 21.2 MMT vs. 26.2 MMT last year. Chinese soy futures at Dalian were higher on Monday for the third session in a row.
Jul 16 Soybeans are at $10.81 3/4, down 4 3/4 cents,
Aug 16 Soybeans are at $10.79 3/4, down 3 1/4 cents,
Sep 16 Soybeans are at $10.65 3/4, down 1 3/4 cents,