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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Corn futures are trading mostly 3 cents lower this morning after closing 1 to 2 cents lower yesterday. The USDA Export Sales report this morning showed a net 441,000 MT of corn was booked during the week ending August 27, with about 75% of the total consisting of new crop sales. Trade estimates ranged from 500,000 MT to 1.05 MMT. The EIA reported Wednesday morning that ethanol production slowed by 4,000 barrels per day (bpd) to 948,000 bpd during the week ending August 28. That is the slowest production rate since the week ending May 8 as plants take down time ahead of harvest. Ethanol stocks increased by 400,000 barrels from last week to 19 million barrels, the largest stockpile in a month.