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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 settled 1 1/2 to 2 cents lower today.Improving harvest weather had something to do with it, and so did a 14 month high in the US dollar index which is doing nothing to assist US competitiveness in the export market. Some crop estimators are reducing their harvested acreage figures, with Lanworth going to 83.5 million and Cordonnier reportedly at 83.33 million.Weekly ethanol production rose to 931,000 barrels per day last week, using about 99 million bushels of corn. Ethanol stocks rose to 18.8 million barrels. Trade estimates for US corn export sales last week are in the 450,000 to 800,000 MT range.The USDA update will be at 7:30 am CDT.