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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 2 to 3 cents lower this morning. Funds were estimated buyers of 5,000 corn contracts on Monday. Trader talk is that Taiwan is tendering to buy 60,000 MT of corn from either the U.S. or South America. The YTD US export shipments are now 41,818,344 MT, well above the 15,954,578 MT at this time lats year. USDA reported on Monday night that 78% of the corn crop is silking, ahead of the 75% average for this date. They show 17% in dough stage, also slightly ahead of the 16% average. The Brugler500 crop condition index dropped to 390 from 392 last week. It was 393 on this date in 2004.