Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Corn futures are trading 1 to 4 cents higher this morning, after gaining 5 1/2 to 7 1/4 cents on Wednesday. Dec16 corn posted its highest daily close since October 13 yesterday, and was up 10.8% since the first of April. Preliminary open interest was up 13,853, indicating net new buying interest. Ethanol stocks as of May 20 were shown tightening by 300,000 barrels week over week to 20.8 million barrels per the EIA yesterday morning. Ethanol production was pegged at 946,000 barrels per day during the week ending last Friday. USDA Export Sales for the week ending May 19 are expected to range from 1.0 to 1.3 MMT for 2015/16 delivery, and from 250,000 to 450,000 for 2016/17 delivery. Chinese auctions on Friday will reportedly offer 2 MMT of state owned corn. It is normal for the government to sell reserve/loan stocks back to the market from May to harvest.