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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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Corn futures ended the day mostly 1 or 2 cents lower, but were off nearly 17 cents for the week. Safras and Mercado, lowered its projection for 2014/15 Brazilian corn production.The figure published this morning was 74.7 MMT, down 1MMT from its November estimate.The USDA projection in the January 12 WASDE report was an even 75 MMT.In the weekly Commitment of traders report, the net long position for managed money accounts shrank by -27,101 contracts during the week ending last Tuesday.The national average cash price was last reported by DTN at just under $3.45.
Mar 15 Corn closed at $3.70, down 1 1/2 cents,
May 15 Corn closed at $3.78 1/2, down 1 1/2 cents,