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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 1 to 2 cents higher on the day. We saw solid export sales for new crop in the weekly report yesterday, and this morning the USDA told us that Mexico bought just over 269TMT of corn, with more than 91% of it slated for delivery in 14/15. Some concerns are mounting in the areas of the Corn Belt that have not accumulated additional moisture in the past week or more. Fairly broad areas of the Corn Belt are below 100% of normal precip for July, but are drawing on subsoil moisture from June. The Allendale brokerage firm released a 174.1 bpa national average yield guess yesterday. If realized, that would be 5.9% above the previous record set in 2009, and a year over year improvement of more than 9.6%. The CFTC Commitment of Traders report this afternoon showed managed money decreasing their net long position in corn by 22,693 contracts as of July 22 giving them a net long position of 70,408.