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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 4 to 10 cents lower at midday with some pressure from wheat. In the weekly Petroleum Status report, ethanol production was reported to have slipped a bit for the week ending June 26. Production was 968,000 barrels per day, down 2.69% from the previous week, and the lowest since the week ending May 15. Ethanol stocks as of Friday were reported to be at 19.5 million barrels, down another 300,000 barrels from the week before. Currently, the US is at its lowest ethanol stock numbers since the week ending January 2, 2015, and at 90.3% of the calendar year high on February 20. USDA reported yesterday that new crop corn acreage is the lowest since 2010, and June 1 stocks were lower than the average pre-report estimates. There were 1,100 delivery notices vs. July futures following the big rally. All were dumped on the market by the ADM house account, with 531 stopped by ADM Investors clients. CME is raising their margins by $275 per contract, effective tonight.