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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 are trading 1 or 2 cents lower after they ended Thursday fractionally lower. Weekly export sales were lower than published trade expectations. On the other hand, accumulated exports so far this marketing year are already more than 4 MMT, vs. only 2.45 MMT shipped by this week a year ago. The trade awaits the quarterly Grain Stocks report due out this morning at 11 AM CDT. September 1 corn stocks in all positions are on average expected by the trade to be 1.754 bbu, slightly looser than a year earlier, and 38 mbu looser than the September 12 estimate.