Futures Traders: Get FREE daily videos covering today's hottest market
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.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Corn futures lost between 1 3/4 cents and 4 3/4 cents on the day, while the US Dollar Index looked strong earlier in the day, but has backed off from its intraday high. A slight improvement in the corn crop condition ratings after the close on Monday had the trade giving back some more ground today. Using the national average cash price from DTN against July futures, the average basis on Monday night had weakened 5 1/4 cents from a week earlier; a result of the massive board rally and more farmers willing to give up ownership of their old crop corn. Approximately 12% of the crop had reached the silking stage by Sunday, 6 points behind the 5year avg for this week.
Jul 15 Corn closed at $4.15 3/4, down 2 3/4 cents,
Sep 15 Corn closed at $4.23 1/4, down 3 1/4 cents,