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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 planning 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 ended Monday trading mostly 6 3/4 to 7 1/2 cents lower, despite a lower US Dollar Index. Weekly export inspections for corn were impressive at more than 1.335 MMT for the week ending Thursday September 22. That was another 3% larger than last week, and nearly 65% larger than the total inspected during the same week a year earlier. Weekly data from NASS showed national crop condition ratings were unchanged vs. the previous week. Approximately 97% of the crop has reached the dent stage, and at least 73% of the crop is considered mature.
Dec 16 Corn settled at $3.29, down 7 1/2 cents,
Mar 17 Corn settled at $3.39, down 7 1/4 cents,
May 17 Corn settled at $3.46, down 6 3/4 cents
Jul 17 Corn settled at $3.52 3/4, down 6 3/4 cents