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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.
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 settled mostly 3 to 3 1/2 cents higher. Corn planting is being delayed across much of the central US due to rain. ECB producers are trying to get as much done as possible before Wednesday. USDA had corn 86% planted in its weekly report published on Monday afternoon, now just 1 point ahead of the five year average pace. A Bloomberg survey had the trade looking for 88% (on average). The crop was shown at 60% emerged, vs.69% last year and 55% for the five year avg. USDA weekly Export Inspections for corn this morning totaled 1.076 MMT. That was larger than last week, but smaller than the same week last year.