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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 sharply higher after USDA said US farmers only added about 1.452 MA of soybean plantings from their March intentions with today’s figure at 83.688 MA. This was below the average pre-report trade guess. Soybean stocks in all positions were 869.92 mbu, which was 38.925 mbu above the average trade expectation, and 242.925 mbu larger year/year. USDA weekly export sales were reported on the upper end of pre-report trade estimates, coming in at 730,000 MT for old crop and 798,000 MT for 2016/17. The old crop number is particularly strong for this time of year. Soy meal sales figures were neutral at 115,500 MT for 15/16 and 44,100 MT for 16/17. Soy oil sales estimates ran 40,000 to 70,000 MT. USDA indicated 62,400 MT including the previous announced 40,000 MT to China.
Jul 16 Soybeans are at $11.75 3/4, up 31 1/4 cents,
Aug 16 Soybeans are at $11.73 3/4, up 33 1/4 cents,
Sep 16 Soybeans are at $11.62, up 39 cents,
Nov 16 Soybeans are at $11.52 3/4, up 40 1/4 cents,