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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 drifted about 2 cents lower today. USDA weekly export inspections through April 16 totaled 1.068 MMT, up 24% from the previous week but still about 22 million bushels smaller than the same week in 2014. Traders were looking for USDA to report anywhere from 9% to 14% of the US corn crop planted in the Crop Progress report tonight. The low end was correct, with 9% planted compared with a 13% average, with the delays quite widespread from the South to the Midwest. Sorghum planting also was slightly behind average, at 19% versus 22%.