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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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Corn futures are mostly trading a nickel lower this morning, after closing Monday with daily losses from 1 to 2 1/4 cents. The USD is currently up more than 600 points on the day. Several reports were published by the USDA yesterday. The Crop Progress report showed little change overall from last week, with one % sliding over from fair to good. Ohio showed a slight improvement, but the Iowa rating was down from last week. Nationally, 12% of the crop has reached the silking stage, 6 points behind the 5year avg for this week. Weekly Export Inspections for the week ending July 2 were down 19.4% from the previous week, and off -33.6% from the same week in 2014. According to the weekly report from the CFTC, the net position of the Managed Money accounts went from net short -94,522 for the week ending June 23rd, to net long 70,606 contracts as of the closing bell on Tuesday June 30. That is a one week net change of 165,128 contracts!