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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 closed as they spent the day: down 5-6 cents. The trade was apparently not impressed by relatively good export movement: The grain inspection report for the week ended Feb. 26 reported 1.280 MMT, up from under 907K metric tons the prior week and 1.057 MMT last year at this time. About 861K metric tons were inspected at the Gulf, 251K in the PNW and 116K at interior locations. Sorghum exports also are holding up well, at almost 205K, down 24% from the prior week, but two and a half times the amount last year.
Mar 15 Corn closed at $3.78 3/4, down 5 3/4 cents,