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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 2 1/2 to 4 cents higher today. The weekly ethanol stocks tightened 300,000 barrels despite a jump in daily production to 969,000 bpd last week. Weekly gasoline use was hit a 5 year high, boosting blend use. Low prices cure low prices! The International Grains Council is projecting world production of 961 MMT for 2015/16, down from 974 MMT last year. Use is expected to be 974 MMT. South Africa hiked estimated production slightly to 10.8 MMT, but that is still the smallest crop since the 7.86 MMT seen in 2007. Trade estimates for the weekly USDA Export Sales report are from 650,000 to 1,150,000 MT.