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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 are trading with most contracts 6 cents higher at midday after USDA had corn stocks in all positions at 1.737 bbu. That was about 17 mbu tighter than the average pre-report trade guess, but still 21 mbu looser than the estimate in the September 12 crop reports. Weekly export sales were lower than published trade expectations, however accumulated exports so far this marketing year are already more than 4 MMT, vs. only 2.45 MMT shipped by this week a year ago.