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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.
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.
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Corn futures are trading4 to 6 cents higher this morning. Trade ideas for USDA weekly Export Sales were in the 650,000 MT to 1.2 MMT range, about half old crop and half new crop. USDA this morning reported that sales for the week totaled 1.4349 MMT, with nearly 80% of the total made up of new crop corn. Weekly ethanol production was 16K barrels per day(bpd) higher than the previous week, coming in at 959K bpd. That is the second largest weekly corn consumption of the year for ethanol. A weather firm rolled out a 172.8 bpa national number yesterday but the market was able to shake it off. The NWS 8-14 day forecast continues the much below normal temps for the Corn Belt through at least August 6.