Futures Traders: Get FREE daily videos covering today's hottest market
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.
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.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Corn futures were down 13 to 18 1/2 cents today following the USDA reports. Tweets have been flying, suggesting that today’s action might bring fewer corn acres to pass. Certainly the 18-cent losses don’t inspire more acres of a crop already widely expected to bring red ink to many producers. USDA Prospective Plantings report put national corn acreage at 89.2 million, down 1.8 million from last year and slightly above the average pre-report estimate. It’s a moving target at this point, with others arguing that South Dakota in particular appears undercounted. March 1 corn stocks, at 7.744 billion, were up from 7.006 billion at this time last year.
May 15 Corn closed at $3.76 1/4, down 18 1/4 cents,
Jul 15 Corn closed at $3.84 1/4, down 18 1/4 cents,
Sep 15 Corn closed at $3.92, down 18 cents
Dec 15 Corn closed at $4.00 3/4, down 17 1/2 cents