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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 the day 2 3/4 to 4 1/2 cents higher, led by front month Jul16 corn. That contract was up 18 1/4 cents on the week, after posting daily gains in four of the last five days. Federal Reserve Chair Yellen indicated that she expects the economy and jobs market to get better in the coming months, and that an interest rate hike would be appropriate under those situations. During the CFTC reporting week ending May 24, managed money increased their net long position to 64,696 contracts. The 2015/16 Argentinean corn harvest is now 29% complete per the Buenos Aires Grain Exchange, up just 1 percentage point from last Friday. The Exchange left its production estimate unchanged at 25 MMT, versus the current USDA estimate of 27 MMT. Under the daily reporting system, private exporters announced that 130,000 MT of US corn was sold to unknown destinations this morning for 2015/16 delivery.