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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.
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.
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Corn futures are trading mostly another penny lower after closing fractionally lower on Monday. The USDA Crop Progress report released after the close on Monday showed that 79% of the US crop has reached the silking stage, 9 points faster than the 5 year average. Of that corn, 13% has reached dough stage, which is average. Our Brugler500 Index puts the crop condition at 389 as of Sunday night, identical with last week. USDA reported that 1.307 MMT of US corn was inspected for export during the week ending July 21. This was nearly 18% larger than the same week in 2015. Marketing year to date inspections are now just 2.8% behind last year.