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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 steady to slightly higher this morning after losing 5 1/2 to 6 1/4 cents on Thursday. Slow export sales and a firm US Dollar were not a bullish combination. Export sales reported this week were the smallest reported over the past month. YTD shipments are 45.205 MMT; about 1.787 MMT below the USDA projection for the 14/15 marketing year. Weekly shipments were up 31% wk/wk. Consultant Informa estimates US corn yield will average 168.8 bu/ac, matching the USDA August estimate. The Memphis firm predicts total production of 13.688 bbu (USDA: 13.686 bbu). Our road trip to the Farm Progress Show showed Illinois corn fields on I-74 mostly brown and starting to dry down, while IA and NE are still pretty green.