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 finished 3 to 7 cents lower. Prices slipped again today, largely due to lackluster demand for US wheat, as evidenced in the Export Inspections report on Monday. September ’15 KC wheat closed 20% below its June 30th high today. September MPLS wheat is not far behind, down 19.5% in the same period. As of Sunday night the spring wheat crop was 8% harvested, (5yr avg is 11%). The Washington wheat harvest is well ahead of schedule, with 55% of spring wheat harvested (5yr avg is 8%), and 82% of winter wheat harvested (vs. 32%). Winter wheat harvest was 93% harvested as of August 2nd, 8 points ahead of normal. Egypt is tendering for wheat tomorrow for September 11-20 delivery.
Sep 15 CBOT Wheat closed at $4.93 1/2, down 5 1/2 cents,
Sep 15 KCBT Wheat closed at $4.85, down 4 cents,
Sep 15 MGEX Wheat closed at $5.13 3/4, down 3 1/4 cents