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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 6 to 8 cents lower at midday. The front month Sept 14 contract is displaying the most weakness and is changing hands at $3.60.Trader talk is that 46% of the second crop corn in Paraguay has been harvested, and Brazil is also coming along quickly. Private exporters reported to the USDA export sales of 147,000 MT of corn for delivery to Colombia during the 2014/2015 marketing year. USDA reported on Monday night that 78% of the corn crop is silking, ahead of the 75% average for this date. Iowa is 85% silked, up from 59% the previous week and above the 5 year average of 74%. Indiana is 88% silked, up from 69% the previous week and above the 5 year average of 79%. 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.