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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 continued their gradual decline with losses of a quarter cent. This market needs a shot of news to go anywhere. The Hogs and Pigs report, issued after the close, should be mildly supportive if anything. Most numbers were above trade expectations (see hog section below). More hogs mean more feed use. Keep in mind, USDA already has estimated feed/residual use in the current crop year at 5.25 billion bushels, up from 5.036 in 2013/14 in the face of prices averaging $3.70 this year, versus $4.46 last marketing year. The main market movers will be the Grain Stocks and Planting reports on Tuesday. SAFRAS put the Brazilian corn crop at 75.9 MMT vs. 77.2 MMT last year.