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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 closed 4 cents lower across the board. The front month Sept 14 contract forged a new low for the move at $3.52. Forecasts over the next 5 to 7 days for the Midwest have increased chances for moisture which may be helping to pressure the market ahead of the weekend. Yesterday the market could not build a rally on solid new crop export sales this week and slipped lower again today. The US Dollar index was lower on the day, after rallying throughout July. The traders are watching the forecast, and the USDA is in the process of collecting data and yield estimates from farmers for the August WASDE report. The CFTC Commitment of Traders report this afternoon showed managed money decreasing their net long position in corn by 7,384 contracts as of July 29 giving them a net long position of 63,024 lots.
Sep 14 Corn closed at $3.52 1/2, down 4 1/2 cents,
Dec 14 Corn closed at $3.62 1/4, down 4 3/4 cents,