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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 lost 8.5 cents in the December 2015 contract following the release of the monthly USDA reports. USDA put 2015/16 US production at at 13.555 billion bushels (bbu) on 80.7 million harvested acres and a national average yield of 168 bpa. They cut acreage by 400,000 and raised the average yield half a bushel; effectively shrinking the production estimate by just 30 million bushels (mbu). New crop production in Brazil was raised 1 MMT from last month to 80 MMT while CONAB is expecting 82.6 to 83.6 MMT. USDA did raise the US cash price midpoint for the year by 5 cents. The world ending stocks figures for both old and new crop shrank from the previous month, coming in at 196.03 MMT (-1.18) and 187.83 MMT (-1.86) respectively. Commitment of Traders data released this afternoon showed managed money spec accounts adding to their net long position during the week ending Tuesday, Oct. 6.
Dec 15 Corn closed at $3.82 3/4, down 8 1/2 cents,
Mar 16 Corn closed at $3.93 1/2, down 8 1/4 cents,