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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 penny lower across the board this morning. Funds were estimated to have been net sellers of around 4,000 corn contracts yesterday. The market could not build a rally on solid new crop export sales yesterday. The US Dollar index keeps moving higher, working against higher US grain prices. The IGC raised its forecast for global production in 2014/15, which also kept pressure on the market. The updated forecast of world corn production was for 969 million tonnes, up six MMT from the previous projection. The current estimate from the USDA is at 980.96 MMT, and its global consumption estimate is at 966.33 MMT.