Futures Traders: Get FREE daily videos covering today's hottest market
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.
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 ended the day with most contracts about 2 cents lower. Sharp losses in the wheat market again today were a drag on prices. July futures lost 8.5 cents or 2.42% on the week. December came within a penny of its October low yesterday, but traded nearly a dime above that level during the session today. EPA made a long awaited announcement on the Renewable Fuels Standards mandate this morning, officially increasing the yr/yr requirements for bio-fuels use. It puts a solid foundation under corn use for ethanol figures, but the market has already been operating at near record weekly production levels during 2015 without the mandate. Weekly data from the CFTC on the Commitments of traders showed managed money accounts adding 5,703 contracts, or about 4.23% to their net short position from Tuesday to Tuesday.
Jul 15 Corn closed at $3.51 1/2, down 2 cents,
Sep 15 Corn closed at $3.57 1/4, down 2 1/4 cents,