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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 recovered a few cents in the course of the day to close lower by only 1-2 cents after a neutral export sales report. The weekly report from USDA this morning had new bookings at 1.08 MMT, including modest new-crop sales. Trade expectations for the report ranged from 800,000 MT to 1.6 MMT. After a brief respite, the dollar resumed its strengthening, making US commodities more expensive to offshore buyers. Exports also face light headwinds from the tax extender bill signed into law last month under which barge operators pay an additional 9 cents in diesel tax (29 cents, up from 20 cents) starting April 1. Of course, as long as diesel prices don’t recover drastically, the impact is being offset. The taxes are earmarked for the Inland Waterways Trust Fund to increase funding needed to repair river infrastructure so it is good news long-term, but will add to the cost of US beans FOB the port. Higher barge costs spell worse basis upriver.
Mar 15 Corn closed at $3.71 1/2, down 1 3/4 cents,