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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 are trading mostly 4 cents lower at midday on renewed strength in the US Dollar Index, with the trade unwilling to bet against favorable weather in much of the Corn Belt. Old crop exports are only 88% of the full year figure, and would typically be 95% by now. Private trade estimates have come out with the Brazilian corn crop 3 to 4 MMT larger that USDA was estimating in the May 12 WASDE. Ideas about low quality wheat theoretically coming into the livestock feed supply add some pressure with the eventual fallout on feed demand from bird flu still a looming question. Dow Jones reported April Chinese corn imports were about two boat loads compared to about one boat load last April.