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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 a penny higher this morning after ending mostly steady on Tuesday. Preliminary Open interest for corn was up 16,999 contracts on Tuesday, with little directional bias. The firmer dollar was an issue. So far today the USD is slightly lower. At about minus $0.34 3/4 on Tuesday night, the national average basis is 1/2 cent weaker than it was when July took over as the lead futures contract. The cash price is 26 cents higher than it was a year ago. EIA will provide its weekly update on ethanol stocks and production later this morning.