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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.
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.
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Corn futures settled mostly about 4 cents higher on the day, supported by higher wheat prices along with a weekly EIA report that was bullish for corn use. The report showed the largest-ever daily average production rate for ethanol in a single week, and US ethanol stocks were down 1.5% from last week.Brazilian sources continue to see first crop acreage down between 4-8%. China is beginning their annual reserve buying program, paying roughly $9.35 per bushel to take up to 40 MMT of corn off the market between now and April. The government sells back those reserves in the summer when local supplies are tighter.