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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 mostly 2 or 3 cents lower on the day, despite a more than 700 point correction in the US Dollar Index. The national average cash corn index was at $3.56 1/4 as of Monday night. That puts the national average basis at -31 3/4 cents, which is 12 3/4 cents weaker than it was a year ago. The cash price is 58 1/4 cents below the same day last year. Looking ahead to 2015 crops, Congressional Budget Office (CBO) budgets are using 89 million planted acres, down from 90.6 million last year, and they penciled in a 165 bpa yield.
Mar 15 Corn closed at $3.81 1/4, down 2 3/4 cents,
May 15 Corn closed at $3.89 3/4, down 2 3/4 cents,