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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 settled mostly 4 to 5 cents lower on the day, and July futures lost 5.5 cents on the week. Grains suffered some fallout from renewed strength in the US Dollar Index, with the trade unwilling to bet against favorable weather in much of the Corn Belt; especially over the holiday weekend. Ideas about low quality wheat theoretically coming into the livestock feed supply add some pressure with the eventual fallout on feed demand from bird flu still a looming question. The weekly COT report from the CFTC showed managed money accounts adding about 15.6% to their net short position in corn futures and options for the week.
Jul 15 Corn closed at $3.60, down 5 cents,
Sep 15 Corn closed at $3.66 3/4, down 4 3/4 cents,