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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 steady to 2 cents higher this morning after the Pro Farmer tour showed lower yield potential for IA and MN than some had expected. The Tour computed an Iowa average yield of 178.75 bushels per acre. The Minnesota tour estimate was 170.76 bpa. The only recent year which was lower for Minnesota was the 2012 drought. USDA showed net weekly export sales of 819,200 MT, including old crop of 99,900 MT and 719,300 MT new crop. New crop commitments are now more than 9.25 MMT or 364 million bushels, just over 20% of the USDA projection for total 2014/15 exports. The 2014/15 marketing year begins September 1.