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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 posted losses of another 3-4 cents today. USDA reported net weekly Export Sales for last week totaled 464,000 MT with more than 93% consisting of old-crop corn. This was down 14% from the previous week and in the lower half of the trade estimate range of 300,000-750,000 metric tons. The US Dollar index was on both sides of the fence today, but was up 395 points as this was written. Dow Jones released its analyst survey for the planting intentions report and it came in with the average guess for corn acreage at 88.684 million, not much different from earlier surveys and down 2.2% from last year.