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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 ended the day two or three cents higher, with May posting a 2 3/4 cent gain for the week. Sales to China during the past four weeks total just 144,042 MT, but that is more than 58% of their total bookings for this marketing year to date.For some perspective, total corn export commitments to Unknown destinations shrank by 308,899 MT during the same four weeks.The Chinese government has begun auctioning off the corn reserves that it bought at harvest to support Chinese farmers. There are indications they are going to offer subsidies to end users to buy the intervention corn, since stocks are burdensome. Celeres issued its latest estimate for the Brazilian corn crop at 80.3 MMT, which is much higher than the figure USDA issued in the April WASDE report and up 3.5 MMT from the previous Celeres figure.In the weekly COT report from the CFTC, managed money accounts had flipped their net long position into a net short position that amounted to being net short -48,312 contracts as of the Tuesday close.