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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 are mostly 1 or 2 cents lower at midday. Weekly data from the EIA showed ethanol production continuing at a historically strong level of 1.028 million barrels per day, down just slightly from the previous week. Ethanol stocks were up 400,000 barrels or about 1.66% week/week. The Stats Canada estimate for the Canadian national average corn yield dropped to 149.3 bpa from 164.7 bpa last year. The PFA tour released results for IN and NE last night. The Indiana average yield was 173.42 bpa, more than 8 bushels above the 3 year average. The participants calculated an average of 158.6 bpa for Nebraska, vs. a 3 year average of 161.29. NASS was at 158 for IN and 187 for NE in the August crop report.