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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 closed around a penny lower on the day, with some pressure from harvest yield reports. After the close, the USDA released its weekly Crop Progress Report showing a slight improvement to the overall condition which bumped up the Brugler500 Index to 388, up 1 point from last week.US harvest progress came in at 7% in the weekly report, vs. 4% last week and the 5yr average for this week of 15%.The crop is 42% mature, still 12 points behind the 5yr average.The weekly Export Inspections Report from the USDA released this morning showed 1,018,858 MT inspected this week, compared to 456,768 MT during the same week last year.
Dec 14 Corn closed at $3.30 1/4, down 1 1/4 cents,
Mar 15 Corn closed at $3.42 3/4, down 1 1/2 cents,