Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Wheat futures settled mixed, recovering from early losses in KC due to profit taking ahead of the weekend. Rains are moving across areas of Nebraska, Kansas and Oklahoma today through Sunday. US Export commitments total 98% of the full year forecast. They would typically be 101% by now. It will thus take a stronger than usual shipping pace to hit the recently lowered USDA figure of 880 million bushels for the year. The EU has now issued 28.2 MMT of export licenses for wheat, up 2.3 MMT from last year at this time. Their marketing year ends June 30. The French 2015 soft wheat crop is well behind last year in terms of maturity.Egypt is taking advantage of the price slide, scheduling an overnight purchasing tender for early June delivery.
May 15 CBOT Wheat closed at $4.94 1/2, unch,
May 15 KCBT Wheat closed at $5.09 1/4, up 1 cent,
May 15 MGEX Wheat closed at $5.32 3/4, down 2 1/4 cents