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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 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.
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Corn futures settled 1/2 to 1 cent higher on Wednesday after hitting a five year low in the front month on Tuesday. Ethanol stocks in the weekly EIA report increased by 200,000 barrels from last week while production was down 8 thousand barrels per day. Corn use would have been in the 94-95 million bushel range for the week. Trade estimates for the USDA weekly export sales report on Thursday morning are 650,000 to 900,000 MT. Broker FC Stone raised projected US corn yield to 178.4 bushels per acre and production at 14.958 billion bushels.