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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 finished the day mostly 3 cents lower, and they were down nearly five cents for the week.The national average cash price according to DTN was down to $3.44 3/4 as of Thursday night, up two cents from its low for the move posted on Monday night.Planting progress has been rapid in the central and western Corn Belt this week but is expected to be slowed by shower activity beginning today and Saturday. The weekly Commitment of Traders report from the CFTC showed the managed money accounts with a net short position of -92,383 contracts as of the Tuesday close, that was another 27,085 contracts shorter than the previous week.The Commercials reported their least-short net position since January 2014, indicating very little cash corn ownership.
May 15 Corn closed at $3.59 3/4, down 2 3/4 cents,