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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 are trading mostly a nickel lower at midday, despite news that the Brazilian ag consultancy, Safras and Mercado, lowered its projection for 2014/15 Brazilian corn production.The figure published this morning was 74.7 MMT, down 1MMT from its November estimate.The USDA projection in the January 12 WASDE report was an even 75 MMT.In that same January report, USDA had corn exports out of that country projected at 19.50 MMT, which was already down 2 MMT from the previous year.April ethanol futures are currently down 10 cents on the week as low gasoline prices and rising inventory pressure the market.