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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 steady on the day. Weekly ethanol production was 5K barrels per day lower than the previous week, coming in at 954K bpd. Stocks of ethanol were up 700,000 at 18.6 million barrels after being surprisingly low last week.This looks like catch up. Trader talk is that South Africa raised its estimate for corn production this season by 0.9% to 14.02MMT.The head of Ukraine’s state weather forecasting center stated that Ukrainian corn production could decline by 6% to 29MMT this year because of military conflicts in eastern areas of the country.Trade estimates for the USDA weekly export sales report are in the 800,000 MT to 1.2 MMT range, with 300-450,000 MT expected to be old crop. The old crop total in last weeks report was smaller than expected and aggravated price pressure.