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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.
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 closed fractionally lower on Monday after being as much as 4 cents higher earlier in the day. The USDA Crop Progress report this afternoon showed that 79% of the national crop has reached the silking stage, up 9 points from the previous 5 year average. Doughing is right on schedule at 13% complete. Our Brugler500 Index pegged the crop condition at 389 as of Sunday night, identical with last week. Trade analysts on average expected corn conditions to be slightly lower from last week. This morning, it was shown that 1.307 MMT of US corn was inspected for export during the week ending July 21. This was down 1.6% from the previous week, but nearly 18% larger than the same week in 2015. Marketing year to date inspections are now just 2.8% behind last year. The Brazilian safrinha harvest is 50% complete.