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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 ended trading today just a penny or two lower than they did yesterday after the trade saw the monthly World Agricultural Supply and Demand Estimates report. US ending stocks were projected to be 35 million bushels larger than they were in January. USDA expects more imports and less exports, but also more FSI and ethanol use. Production estimates for Brazil and Argentina were up 2.5 MMT and 1.4 MMT respectively, but world ending stocks were actually slightly lower due to more imports expected for South Africa, Southeast Asia and Mexico. The national average farm price tightened a nickel on each end of the range.
Mar 16 Corn settled at $3.61, down 1 1/4 cents,
May 16 Corn settled at $3.66, down 1 cent,
Jul 16 Corn settled at $3.71, down 1 1/4 cents
Sep 16 Corn settled at $3.76 1/4, down 1 1/4 cents