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.
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Corn futures closed 4 to 5 cents higher on the day. Trader talk is that Taiwan is tendering to buy 60,000 MT of corn from either the U.S. or South America.Weekly export inspections last week were 805,365 MT, down from 941,977 MT t he prior week. YTD shipments are now 41,818,344 MT, well above the 15,954,578 MT at this time lats year.A Reuters poll on Friday showed that the market is currently trading a 170.5 bpa average yield, 5.2 bpa above the USDA July figure. USDA reported tonight that 78% of the corn crop is silking, ahead of the 75% average for this date.They show 17% in dough stage, also slightly ahead of the 16% average. The Brugler500 crop condition index dropped to 390 from 392 last week. It was 393 on this date in 2004.