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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 are trading slightly lower this morning. YTD US export commitments are 29% of the USDA full year forecast. They would typically be 34% by now. Weather forecasts continue to be benign through the end of the month, promising more rapid harvest progress as the crop matures. Some ethanol plants are still paying premiums or waiving drying charges to get corn into the system, but those basis pushes are becoming less common every day. Private analyst Strategie Grains raised projected EU corn production to 71.3 MMT, 3.3 MMT above USDA. This suggests fewer US corn exports to the EU-27.