Futures Traders: Get FREE daily videos covering today's hottest market
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 closed a sideways trade within 2 cents on either side of unchanged on Friday. September corn was down just 2 cents on the week while posting a 21 cent trading range. The weekly Commitment of Traders report shows managed money accounts were fairly undecided about which way to take their net position as of the Tuesday close. The MM accounts only decreased their net long position by 89 contracts to an updated position that is net long 73,537 contracts. Spec money still has one eye on the global stock markets, as the Dow closed a volatile week, down 12 points on Friday. Five day forecasts project 1 to 2 inches of rain for much of Iowa and parts of Wisconsin. Nebraska, Iowa, and northern Illinois and Indiana should expect low-temperatures to be above average throughout the next few days. The forecast is generally beneficial for corn yield prospects, with a few areas drier than desired. Average ethanol prices are down a penny to $1.39 in SD, off three cents in NE to $1.40, and down a nickel in Illinois to $1.43.