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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 down 2.75 cents despite strong export inspections shown in the weekly report this morning.This week posted an 18.6% increase from the prior week and was up more than 20% from a year ago. YTD corn export inspections are 101.6% of a year ago.Weekly export sales reported on Friday were also bullish, marking a new high for the marketing year.Sorghum export inspections were also larger than last week and the MYTD total is nearly 208.5% of what it was for the same week a year ago. The difference between the value of ethanol and DDGS and the cost of the corn for production continues to be relatively narrow, reported by USDA for the Eastern Corn Belt at $1.63 as of Friday, up from $1.57 the prior week but down from $3.671 a year ago. Iowa’s rate was $1.29 versus $2.79 a year ago and Nebraska was a few cents less. Gulf barge basis for corn weakened by nearly 3 cents today, while sorghum bids were mixed, from down 5 to up 4 cents.
Mar 15 Corn closed at $3.84, down 2 3/4 cents,
May 15 Corn closed at $3.92 1/2, down 2 3/4 cents,