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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 traded within a penny lower on Thursday, as the Dec16 contract was down for the seventh consecutive day, albeit just 10 1/2 cents off in that period to its lowest close in nearly a month. The USDA Export Sales report this morning showed corn sales of 346,032 MT during the week ending last Thursday, after net reductions of 58,931 MT for the 2016/17 marketing year. Net sales of 404,963 MT for 2015/16 were the smallest for a single week since the last week of calendar year 2015. Japan, Colombia, and Taiwan were the largest buyers. There were 188,570 MT worth of Milo sales reported during the week, as accumulated exports are now 27.7% larger than last year at this time.