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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 are currently 1 to 3 cents lower after closing down 2 to 3 cents on Friday. The USDA Export Inspections report this morning showed that 438,560 MT of corn was inspected for export during the week ending last Thursday, down 40% from the previous week, and 37% smaller than the same week in 2015. YTD inspections are now 21% behind a year ago. The next installment of the USDA WASDE report will be released tomorrow. Traders expect 15/16 US corn ending stocks to be 1.815 bbu on average (Jan: 1.802 bbu). World ending stocks on average are projected to be 208.32 MMT (Jan: 208.94 MMT). Private exporters reported to the USDA that 100,000 MT of US corn was sold to Mexico this morning for 2015/16 delivery. Argentine President Macri stated that he was raising the required ethanol blend for gasoline in that country from 10% to 12%. According to the Ukrainian agriculture minister, corn exports from the country are estimated to reach 16.7 MMT (USDA Jan: 15 MMT).