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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 on the green side of UNCH, albeit less than a penny higher until next September. A weaker dollar helped corn futures get into the green today.The perception of the crop condition has been steady for three weeks now, according to the USDA. Harvest reporting has begun, and the crop is about 4% harvested vs. the 5yr average of 9% for this week.The maturity rating slipped to 12 points behind the 5yr average, when it was 11 points behind it last week.ND, WI and MN are each rated less than 10% mature.YTD corn export shipments are 746 thousand MT (29 million bushels) ahead of the first 11 days of the 2013 marketing year.The national average cash price according to DTN is at $3.17, four cents higher than it was on Friday.