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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 3 1/2 to 5 cents lower. The USD Index was sharply higher following the Memorial Day break. There is also a strong seasonal tendency for grains to close lower on the Tuesday after Memorial Day. Double digit losses in wheat also threatened corn from the feed use side. Weekly export inspections through May 21 were 1.006 MMT, vs. 1.008 MMT last week. The YTD shipments are 1.776 MMT behind year ago. After the close, USDA reported that 92% of the US crop has now been planted, ahead of the 88% average pace for this date. Emergence is 74% vs. the 5 year average of 62%. The first crop condition rating of the year showed 74% in good/ex condition. The initial Brugler500 reading is 383 vs. 386 in 2010.