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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Corn futures ended Monday a quarter higher to 2 cents lower.Dec corn traded at $4.09 this morning but could not hold it.The weekly Crop Progress report tonight shows that corn conditions continue to drop, with 68% good to excellent, down three percentage points from a week ago.The Brugler500 scale now has corn down 6 points from last week to 372.Weekly USDA export inspections this morning totaled 1.041 MMTs for the week ending June 25. That was a decrease of 7.24% from the previous week, but an increase of 14.76% from the same week a year ago.The quarterly USDA reports come out tomorrow.Pre-report trade estimates have the average guess for corn acreage at about 89.29 million acres, which would be a slight increase from the March 31 intentions. On average, the trade expects corn stocks in all positions to be about 4.555 billion bushels, with published estimates fitting into a 281 mbu range from 4.419 to 4.700 bbu.
Jul 15 Corn closed at $3.83 1/4, down 1 3/4 cents,