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 are trading steady at midday. Weekly ethanol production was 5K barrels per day lower than the previous week, coming in at 954K bpd. Stocks of ethanol were up 700,000 at 18.6 million barrels after being surprisingly low last week. This looks like catch up. Trader talk is that South Africa raised its estimate for corn production this season by 0.9% to 14.02MMT. The head of Ukraine’s state weather forecasting center stated that Ukrainian corn production could decline by 6% to 29MMT this year because of military conflicts in eastern areas of the country.