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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 are trading mostly one or two cents higher at midday.The average trade guess (Bloomberg) for corn ending stocks in the March 10 WASDE report is 1.831 billion bushels. Trade estimates for the USDA Weekly Export Sales report released this morning were in the 700,000 MT to 1 MMT range. The actual number from USDA was 986,800 MT, with more than 83% of the total consisting of fresh old crop sales.China bought 380,400 MT of sorghum last week as well. Private exporters reported to the USDA a sorghum sale of another 108,000 MT this morning under the daily system. The national average cash corn index provided by DTN was $3.63 1/2 for the Wednesday average.