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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 settled 5 3/4 to 7 3/4 lower with more weakness showing in the nearby contract than in the later months. The latest 6-10 day forecasts have much of the corn growing area likely to see above normal temperatures paired with above normal rainfall; which would be favorable growing conditions for most areas. The weekly crop condition ratings from the USDA actually took the Brugler500 Index for the national crop down one point from last week showing a score of 374. At this point last year the crop was rated a few points better at 383. The 2010 crop had a Brugler500 Index score of 379 for this week. The condition rating in North Dakota lost 4 pts, but the amount of ND corn doughing is 9 pts ahead of the five year average pace. The Minnesota corn crop continues to improve (+46 pts on the year). Corn in both the denting and dough stages are equal to or ahead of their five year averages, but the amount of mature corn is about 6% behind average for this date. Grain crushings during June were up about 1.5% from May in the monthly report released this afternoon.