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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 another couple cents lower at midday, following a nearly 20 cent loss to start the week. The USDA crop report last night showed slight improvement in the crop conditions, as the trade expected. The 18-state corn condition rating increased 1 point on the Brugler500 Index. The Michigan crop showed the most improvement from a week ago and the MN crop gained another 2 points on the Brugler500 Index. IL and IN improved three points while the Iowa rating was unchanged from last week. As of Sunday night, 78% of the crop had reached the silking stage and about 14% of the national crop is in the dough stage. Private exporters reported to the USDA that 120,000 MT of sorghum were booked for export to China; half of which was for old crop, and half is slated for new crop delivery.