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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 trading slightly lower this morning. Net US export sales for the week ending October 23 came in on the low end of expectations at 534,500 MT yesterday, and the US dollar index was higher. A rising stock market also siphoned away some potential fresh money. The Rogers index fund is rolling out of their long Dec futures positions and into March. The International Grains Council revised its global corn production figure to 980 MMT, up 6 MMT from the previous projection, but WASDE was already over 990 MMT in the October report.