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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 settled steady to 3 1/4 lower, with September taking another step toward full carry vs. the December. The spread widened to 8 cents. Prices are still mired in the trading range begun in July. Weekly corn export inspections were 873,195 MT, or just under 34.4 million bushels. There were zero deliveries vs. September futures, with only 7 contracts worth of grain registered. The oldest long has been waiting since 3/3/14. This afternoon, USDA reported that 53% of the crop has reached dent stage, still lagging the 59% average but ahead of 39% last year. They show 8% of the crop mature vs. the average of 16% for this date. The crop condition rating saw the % good/ex up 1 point, and the Brugler500 Index up 2 at 387. That matches 1992 but still lags the 402 from 1994 for this week.
Sep 14 Corn closed at $3.55 3/4, down 3 1/4 cents,