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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 are mostly 4 to 5 cents lower at midday despite weakness in the US Dollar index and green showing up in the wheat markets today. The US corn crop planting delays were widespread, cited with behind average progress reported from the South to the Midwest. Argentina authorized another 3.5 MMT of the 14/15 corn crop for export. The government rations corn exports out of that country to keep local supplies adequate. The Chinese government sees its annual corn imports limited to 7.2 MMT between now and 2024, as long as their domestic supplies are adequate. The national average basis as of Monday night was 18 cents below May futures. That is about 3.5 cents stronger than it was on April 1, 2015.