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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 closed mixed with the front four contracts finishing within a half cent of unchanged, after posting ranges of 7 to 9 cents amidst a firmer US Dollar. Chinese corn imports during April reached 1.2 MMT. The country imported 1.8 MMT of corn from January through April, an increase of 31% from the same period in 2015. The import pace is expected to slow as domestic price supports are reduced. The Crop Estimates Committee cut their 2015/16 South African corn production estimate by 1.05 MMT to 6.9 MMT (USDA: 6.5 MMT). As of Sunday night, planting progress in Illinois was 2 points behind the state’s average pace of 91%. Statewide progress is still ahead of their respective averages in Iowa and Minnesota. The USDA is expected to give its first condition rating of the 2016 season in the Crop Progress report next Tuesday (delayed for Memorial Day).