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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 trading mostly 1 1/2 cents higher after closing a penny to 4 cents higher on Thursday. Traders were still exiting the September and December contracts ahead of month end. Preliminary open interest was -30217 contracts for Thursday. There was modest net new buying in the 2016 contracts. Outstanding sales for the next marketing year are 33% lower than this point in time a year ago. The International Grains Council forecasts a larger 2015/16 corn crop than previously estimated, up 2 MMT to 968 MMT (USDA: 985.61 MMT). The difference in the two numbers is primarily in the US estimate, with IGC much lower than NASS.