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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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Corn futures are trading 2 to 3 cents higher this morning, supported by higher wheat prices and the surge in soybean meal. The market will be open normal hours today, and then closed until 8:30 am CST on Friday morning. The weekly ethanol production report from the EIA will be out later today, with a large grind expected. Brazilian sources continue to see first crop acreage down between 4-8%. Final production numbers for 2014 crop now look to be about 97% of year ago as the safrinha harvest wraps up. China is beginning their annual reserve buying program, paying roughly $9.35 per bushel to take up to 40 MMT of corn off the market between now and April. The government sells back those reserves in the tighter summer supply period.