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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 planning 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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Corn futures are currently trading slightly higher after settling the Wednesday trade down less than a penny. The USDA Export Sales report this morning showed corn sales of 346,032 MT during the week ending last Thursday, after net reductions of 58,931 MT for the 2016/17 marketing year. Pre-report estimates ranged from 750,000 MT to 1.1 MMT. Net sales of 404,963 MT for 2015/16 were the smallest for a week since the last week of 2015. Japan, Colombia, and Taiwan were the largest buyers. There were 188,570 MT worth of Milo sales reported during the week, as accumulated exports are now 27.7% larger than last year at this time. Some Poet ethanol plants are reducing dumping hours.