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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 Monday trade mostly 4 to 5 cents lower than the Friday close. The Export Inspections report this morning showed 920,708 MT of corn was inspected for export during the week ending July 30. This was down 17% from the previous week. The national average basis strengthened by 5 3/4 cents last week to 28 1/4 cents under the September contract. The European Commission decreased their projected 15/16 European corn crop production by 2.9 MMT, to 65.5 MMT (USDA: 65.8), due to a hot and dry July. South Korea purchased 65,000 MT of corn for January delivery. USDA tonight reported corn crop conditions improved slightly overall with the Brugler500 Index at 377, gaining one point from last week. Corn silking is at 90%, one point ahead of the 5yr avg. However corn in the dough stage was 29% as of Sunday night, two points behind its 5yr avg for this week.
Sep 15 Corn closed at $3.66 1/2, down 4 1/2 cents,
Dec 15 Corn closed at $3.76 1/2, down 4 3/4 cents,