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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 up about 4 cents at midday.Private exporters reported to the USDA 140,000 MT of corn sold to Saudi Arabia.Total export commitments as a % of total projected exports are 78% vs. the 5-yr avg of 74% for this date.Accumulated exports are 2% ahead of last year.The ethanol industry may face a changed business environment if the Corn Ethanol Mandate Elimination Act of 2015, introduced in the Senate yesterday, passes. It would strip corn ethanol out of the RFS mandates. It is unlikely to pass but is something worth watching. NOTE: USDA announced a one-month extension in the deadline to update yield history or reallocate base acres. Changes were due today but will be allowed until March 31, the same deadline as that for the ARC or PLC choice.