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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.
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Corn futures are heading into the holiday weekend up 4 to 6 cents. At $4.37 1/4, Dec15 corn marks a new calendar year high. These prices have not been matched since December 29 of last year, and 359 days ago before that. With no trade tomorrow, corn prices increased in price by 34 cents this week, an increase of 8.28%. USDA put weekly export sales at 833,200 MT, including 238,900 MT of new crop. Net sales increased by 19.63% from the previous week. Japan was the biggest old crop buyer, at 162,500 MT, while 238,900 MT of new crop was sold to Mexico and unknown destinations. Informa has decreased its US corn production estimate, down to 13.412 bbu. The June WASDE report had production at 13.630 bbu but is likely to drop due to the lower harvested acreage estimate used on June 30. Informa also increased their Brazilian production by 70.86 mbu, up to 3.228 bbu. Average ethanol prices are higher at the pumps this week, up a penny in South Dakota, 6 cents in Nebraska and Iowa, and 9 cents in Illinois.