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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 ended the day mostly a nickel lower. USDA had the harvest at 94% complete in the report this afternoon. Wisconsin is at 73%; the only state not at least 85% done. Indiana still has 9% left. The weekly Export Inspections report this morning was neutral at 529,801 MT. That was up from 409,212 MT last week but down from 769,223 MT a year ago. Accumulated exports since September 1 are still 42 million bushels ahead of last year. USDA reported 116,000 MT of grain sorghum sold to unknown this morning in the daily reporting system. As of last Tuesday the managed money net long position was slightly larger than the previous week with those funds adding both longs and shorts; but a few more longs. The national average cash price on Friday was just over $3.41.
Dec 14 Corn closed at $3.67 1/2, down 5 1/4 cents,