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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 a couple cents lower this morning. Funds were estimated to be net sellers of 6,000 to 7,000 corn contracts on Turnaround Tuesday. Harvest is now starting in Texas and Louisiana. Trader talk is that Ukraine corn production increased from previous estimates by 1.5 MMT to 27 MMT. Yesterday, private exporters reported to the USDA export sales of 147,000 MT of corn for delivery to Colombia during the 2014/2015 marketing year. Lower prices are beginning to stir up additional export sales.