Futures Traders: Get FREE daily videos covering today's hottest market
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.
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 finished the day with most contracts in red, but by less than a penny.The December contract posted an 11.75 cent trading range on the day, and had a weekly loss of more than 9 cents.December corn options expired today.Year to date Chinese corn imports are up 5.2% from a year ago despite restrictions on US purchases. Much of the corn has come from Ukraine. This morning, the EPA officially withdrew its proposal to reduce the ethanol mandate, stating that it will delay making a final decision regarding the 2014 mandate until next year.USDA announced 132,000 MT of corn was sold to unknown destinations as reported by private exporters this morning.The weekly Commitment of Traders report from the CFTC showed managed money accounts adding 147 contracts to their net long position, which was reported at 186,954 contracts as of the Tuesday close.