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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 are currently down 1 to 3 cents on the session. January soybeans lost more than 16 cents last week. The Informa soybean estimate released on Friday at 88.8 million acres was much higher than the USDA 10 year baseline estimate (84 million) and the 2014 NASS estimate. It was also 500,000 acres larger than their previous estimate, with their surveys showing more producer interest in soybeans. Managed money accounts decreased their net-long position in soybeans by -7,390 contracts in the weekly Commitment of Traders report from the CFTC showing official positions as of the closing bell on Tuesday afternoon.