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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 settled 2 3/4 to 3 1/4 higher today. USDA this morning indicated net weekly corn export sales of 698,500 MT for the week ending December 11, which was in the middle of expectations, but 268,700 MT was booked for unknown destinations. Cumulative export commitments are now 55% of the full year forecast, close to the 56% average pace for this date. A DeutscheBank outlook for 2015 indicated that current grain price levels for 2015 are “underpricing event risk”. The USDA 10 year baseline forecast, used for budgeting purposes, anticipates 88 million planted acres in 2015.