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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 closed up 1/2 to down 1/4 on a quiet Monday. The latest Crop Progress report has corn condition dropping just one point to 374 on the Brugler500 Index. The Index was 387 at this time last year. The USDA reports that 92% of the national corn crop had reached dough stage as of Sunday night, up two points from the five year average. Denting is right on par with the average pace, at 60% complete. This was the maturity report this year, with USDA stating that only 9% of the US crop is mature vs. the 15% average for this date. The weekly USDA Export Inspections report showed that just over 1 MMT of corn was shipped during the week ending August 27. This was 13% larger than the previous week. On a year to date basis, export inspections were 4.5% smaller than 2014. Next week will be the final week for 2014/15 export inspections, as the marketing year ends August 31.