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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 closed solidly higher, picking up gains of more than 7 cents mostly on the reality of a relatively late harvest. The slow pace feeds ideas of a long harvest and spotty availability for corn users. According to USDA, the national crop only 31% harvested, vs. the 5yr average of 53% for this date. Harvest progress is 20 points behind the 5yr average in both IN and IL. Iowa is 34 points behind its normal harvest pace, and MN is lagging its 5yr average by 31 points. As for maturity, MI and WI are both have about 25% left to mature, which puts them 13 points behind for this week of the year. The USDA crop condition rating was UNCH from last week with the Brugler500 Index at 389. The dollar was up nearly 400 points on the day.