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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 currently 3 to 4 cents lower on poor export sales and profit taking ahead of the Friday USDA reports. The weekly USDA Export Sales report showed net export sales of 466,600 MT during the week ending 10/1. Sales for the 15/16 crop declined by 30.5% from the previous week, and the 16/17 crop had net reductions of 53,050 MT. Trade estimates ranged from 550,000-750,000 MT. Accumulated shipments are nearly 22% smaller than last year at this time. Ethanol production increased for the fourth time in last five weeks during the week ending Oct 2 to 950,000 barrels per day. Analysts surveyed by Reuters predict the average 15/16 world corn ending stocks to slip to 188.75 MMT from 189.69 MMT in September.