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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 closed with gains of 6 to 7 cents on the day, driven in part by strong gains in the bean meal, and implied planting delays for the second Brazilian crop.The July futures contract closed back above the $4 level.Friday is first notice day for December futures, with Wednesday as position day. The weekly report from the EIA will be out on Wednesday morning.The previous report showed the second largest weekly ethanol production figure on record, while ethanol stocks shrank more than 2.2% from the previous week.May corn futures on the Dalian exchange closed at the USD equivalent of $9.99.