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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 fractionally higher on the day, coming back from as much as 6 cents lower earlier in the session. After the closing bell, the USDA published its weekly crop progress report. The national crop is now approximately 31% harvested, vs. the 5yr average of 53% for this date. The overall condition was unchanged from last week at 389 on the Brugler500 Index. Weekly export inspections reported this morning were 717,605 MT, which was smaller than both a week ago and a year ago, however the YTD total is more than 150% of what it was a year ago. The US dollar index finished the day with a more than 100 point loss.