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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 trading 2 to 2 1/2 cents higher at midday. USDA confirmed a larger than expected 1.023 MMT (40.28 mbu) were booked during the week ending 10/13 in its weekly Export Sales report. Export shipments of 850,970 MT were below 1 MMT for the first time in six weeks. China has halted domestic corn auctions for the season, to encourage commercial buying of new crop cash corn directly from farmers. Trade sources estimate they sold an estimated 20 MMT of reserve corn back into the market during this year’s program. FranceAgriMer has French corn harvest at 39% vs. 52% at this time last year.