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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 finished the day with losses of nearly 7 cents, after the December contract hit $3.65 early this morning.The Dec contract was still able to gain more than a nickel on the week.We suspect some traders took profits off the table at the end of a relatively solid week for the corn market.Private exporters reported to the USDA an export sale of 101,600 MT to unknown destinations this morning. Brazilian ethanol imports are expected by Datagro to double this year vs. last year, with the US capturing the majority of the business.The weekly Commitment of Traders report showed managed money accounts were getting longer by a net 38,284 contractsas of the Tuesday close.The funds were net long 126,952 contracts, their largest net long reported since mid-June.
Dec 14 Corn closed at $3.53, down 6 3/4 cents,
Mar 15 Corn closed at $3.66 3/4, down 6 3/4 cents,