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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.
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 trading 6 cents higher at midday, after settling a nickel to 7 cents lower on Friday. The USDA Export Inspections report this morning showed that 298,692 MT of corn was inspected for export during the week ending last Thursday. Current marketing year to date inspections are 6.714 MMT, down 26% from the same time in 2014. The United Nations Food and Agricultural Organization cut its Chinese corn production estimate by 4 MMT to 221 MMT (USDA: 225 MMT). According to DTN, the national average cash price was $3.39 1/2 as of Friday afternoon, the lowest since 11/16. The national average basis per the Friday close was 19 3/4 cents under, 8 1/4 cents stronger than this time in 2014.