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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 finished the Tuesday session up 4 to 5 cents, building on the 4 cent gain from Monday. Grains were helped by a falling dollar on Tuesday (down nearly 700 points). Dec15 corn closed at its highest point in nearly two months. US ethanol exports slowed to 50.1 mgal in August, but shipments YTD are up 6% from 2014. DDG exports were 1.279 MMT, 19% larger than in August 2014. DDG shipments YTD are up 3% from last year. UkAgroConsult states that the Ukraine will reduce its authorized amount of annual corn exports to 16 MMT, a 21% reduction. A Bloomberg survey puts the average trade estimate for yield at 166.7 bpa, and the crop at 13.482 billion bushels. This would be down from 13.585 billion in September.