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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 finished the day off 6-7 cents, and May posted a loss of more than 15 cents on the week. Soils fit to plant corn showed up in much of the Corn Belt towards the end of the week, and with weather forecasts suggesting more rapid planting progress ahead, the market mood was bearish corn and lower wheat prices took the corn market with them. Some traders also are assuming large reductions in feed demand due to the avian flu outbreak, thought initial estimates are less than 25 million bushels. USDA reported 121,400 MT of old crop export sales to unknown destinations in the daily reporting system this morning. The CME announced an increase in daily limits for corn from 25 cents to 30 cents/bushel. The weekly COT report from the CFTC showed managed money accounts made their net short position in Corn another 16,986 contracts shorter than they were last week. Their net position was reported as short -65,298 contracts.
May 15 Corn closed at $3.64 1/2, down 6 1/4 cents,