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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 are 2 to 5 cents higher at midday. The market is higher despite continued gains in the USD. Weekly export sales reported by the USDA were slightly above the high end of published trade expectations. Net sales increased by 51% from the previous week. Old crop purchases were 364,900 MT, and new crop sales were 443,300 MT, with Japan taking a big chunk of the sales, including 235,900 MT switched from unknown destinations. Corn export shipments were down just over 84,000 MT from last week, but still over one million MT. Total export commitments are now above 100% of the WASDE full year forecast, the challenge becomes getting them all shipped before August 31.