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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 closed 6 to 7 cents lower across the board. It was been a bearish start to the week, with more of the same mentality. The Sept 14 contract notched a new low for the move at $3.63. The Weather forecasts continue the benign conditions for most of the Corn Belt, with a definite trend toward less soil moisture. Weekly export inspections last week were 939,791 MT, down from 946,313 MT the prior week. YTD shipments are now 41,010,793 MT which is roughly 1.883 bbu. The weekly crop condition ratings were expected to be steady or slightly better than last Monday, and they were published this afternoon as unchanged in all categories. USDA reported that 56% of the crop is in the silking stage, slightly above the 55% average pace. The Brugler500 index is at 392, which was also unchanged from the previous week.