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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 closed a penny to 3 1/2 cents higher on Wednesday, following a Tuesday trade that gave back nearly all of the gains made on Monday. May16 corn was the strongest. The weekly EIA report showed that ethanol production reached a record level of 1.008 million barrels per day during the week ending 11/20, an increase of 33,000 barrels per day from the previous week. The previous record was 994,000 barrels per day (week ending 6/19/15). Ethanol stocks increased by 400,000 barrels to 19.6 million barrels, the largest stockpile since the week ending July 24. The Chicago Board of Trade will be closed on Thursday due to the Thanksgiving Holiday, and have shortened hours on Friday. As of the Tuesday close, DTN states that the national average corn basis was -$0.19 3/4, stronger than that of -$0.20 as of the Monday close, and the strongest since Sept 14.