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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 currently a penny higher this morning. Consultant Informa now expects the US crop to be 13.561 bbu (USDA: 13.585 bbu), with an average yield of 168.4 bu/ac (USDA: 167.5 bu/ac). They are citing cuts in acreage. FC Stone raised its corn yield estimate by 1.1 bu/ac to 167 bu/acre. Weekly data from the CFTC issued Friday afternoon showed managed money speculative accounts added only 788 contracts to their net long position during the week ending Tuesday Sept 29. Some crop damage is being noted on the East Coast due to heavy rains, flooding and high winds associated with Hurricane Joaquin. The hurricane is not expected to actually make landfall in the US and in fact is headed toward Europe.