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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 planning 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 fractionally lower after selling off by 7 to 7 1/2 cents on Friday. The Pro Farmer group estimated the US crop at 14.728 billion bushels on a 170.2 bpa national average yield. This used input from the PFA tour last week but the state estimates are different than the Tour estimates (as they should be). They (PFA) have been below the final USDA production figure in 11 of the past 14 years according to one brokerage firm analyst. The Dec17-Dec16 corn spread reached a new high on Friday at 41.75 cents. As of the Tuesday close, managed money had reduced its net-short position by a net 7,537 contracts vs. a week earlier according to the CFTC report published on Friday after the markets closed.