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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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Corn futures closed 1 1/2 to 3 1/2 cents lower on Thursday, as a stronger USD (+550 points) pressured the commodity markets. US export sales during the week ending last Thursday totaled 829,823 MT, nearly 93% of which was old crop. Although weekly shipments were 8.5% larger than the previous four week average, weekly bookings were the smallest since the week ending February 4. Old crop commitments totaled 37.856 MMT as of last Thursday, good for 92% of the 2014/15 commitments at this time last year.Milo sales of 180,115 MT were the largest since the week ending February 11. China continues to be a small scale buyer. Chinese corn acreage is projected by the Chinese agriculture ministry to drop by 3.29 million acres in 2016/17.
May 16 Corn settled at $3.71 3/4, down 1 1/2 cents,
Jul 16 Corn settled at $3.73 3/4, down 3 cents,
Sep 16 Corn settled at $3.75 3/4, down 3 1/4 cents
Dec 16 Corn settled at $3.81 1/2, down 3 1/2 cents