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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.
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Corn futures settled a nickel to 7 cents lower on Friday on “buy the rumor, sell the fact” action following the largest weekly export sales report of the marketing year. The weekly board had Dec15 corn down 4 cents from last Friday. Early this morning, the weekly USDA Export Sales report showed corn bookings of 2,564,800 MT during the week ending Nov 19. Sales of 2.036 MMT for 2015/16 and 528,500 MT for 2016/17 each set marketing year highs. Total commitments of 16.579 MMT through the first twelve weeks of the marketing year are 76.8% of the mark set at the same time in 2014. Weekly shipments increased by 36.7% week over week, and were the largest since the week ending October 8. At the pumps this week, ethanol prices were two cents higher in IL, NE and SD, and just a penny higher in IA. The United Nations Food and Agricultural Organization cut its Chinese corn production estimate by 4 MMT to 221 MMT (USDA: 225 MMT).
Dec 15 Corn settled at $3.59 1/4, down 6 3/4 cents,
Mar 16 Corn settled at $3.67 1/4, down 5 1/2 cents,