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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 mostly steady at midday with a trading range of about a nickel/bu on the session. The NWS 8 to 14-day forecast calls for normal temps in most of the Corn Belt, with a drop to below normal precipitation for the period. The Argentinean corn harvest is estimated to be nearly 59% complete. Average Argentinean export prices are $182/ton, versus average US offers of $174/ton, and average Brazilian offers of $193/ton. The Crop Estimates Committee in South Africa expects 2015/16 corn production to be 7.26 MMT, slightly higher than the 7.2 MMT median estimate in a Bloomberg survey of trade analysts (USDA: 6.5 MMT).