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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 settled from 1/4 to 1 1/4 cents lower on the day. The December contract lost a half a cent on the week. The Dec17-Dec16 spread is about 4.5 cents narrower than it was in early Sept. China announced a 33.8% anti-dumping duty on DDGs imported from most but not all US companies, alleging the industry is still government subsidized. The announcement had been anticipated, particularly after the US filed WTO complaints against China for other crops earlier in the month. The product may also just go to other destinations. Weekly data from the CFTC showed managed money accounts increasing their net short position by a net -14,652 contracts vs. a week earlier as of last Tuesday.
Dec 16 Corn settled at $3.36 1/2, down 1/4 cent,
Mar 17 Corn settled at $3.46 1/4, down 1/2 cent,
May 17 Corn settled at $3.52 3/4, down 1 1/4 cents
Jul 17 Corn settled at $3.59 1/2, down 1 1/4 cents