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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 Wednesday trade steady to 4 cents higher (besides July15 corn, down a quarter of a cent), after being lower most of the day due to pressure from wheat. The estimates for the Thursday morning Export Sales report range from 450,000 to 950,000 MT. Weekly ethanol production slowed to 968,000 barrels per day, down 2.69% from the week ending June 19, and the lowest since the week ending May 15. Ethanol stocks as of Friday were reported to be at 19.5 million barrels, down another 300,000 barrels from the week before. Currently, the US is at its lowest ethanol stock numbers since the week ending January 2, 2015, and at 90.3% of the calendar year high on February 20. CME is raising their margins by $275 per contract, effective tonight. Keep in mind, the markets will be closed on Friday, in observance of Independence Day.