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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 finished the session limit-up in the July and September contracts. Dec15 futures hit $4.32 1/4. The quarterly reports released at 11AM CDT had June 1 stocks in all positions about 215 mbu smaller than the average pre-report guess from the trade. MAM disappearance was 3.3 bbu, up 4.4% from a year earlier. The new crop corn acreage figure was the lowest since 2010, coming in at 88.897 million acres, down about 302K from the March 31 intentions, and below the average pre-report trade estimate. Smaller than expected stocks and smaller than expected acreage, combined with declining crop condition ratings to give the bulls encouragement to run.