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 ended the Friday trade 3 1/4 cents higher to 1 1/4 cents lower, after trading as much as 5 cents higher earlier in the session. Front month May16 corn was up 18 1/2 cents from last Friday, and Dec16 corn was up 26 1/2 for the month. Managed money switched from holding a net short position on April 19, to a net long position of 79,781 contracts as of the close on April 26 per the CFTC. Planting progress in the US is expected to be 46 to 48% complete through this coming Sunday, up from 30% on average. French plantings through Monday were 27% finished, down from 69% last year, per FranceAgriMer. Increased acreage is expected to drive Ukrainian corn production up to 27.4 MMT in 2016/17, according to the ag attache. If realized, that would be a year over year increase of 17.4% from the official 2015/16 USDA estimate. Private exporters reported to the USDA that 100,640 MT of US corn was sold to Japan this morning for 2015/16 delivery.