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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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Wheat futures are trading steady to a penny per bushel higher this morning after setting new life of contract lows in several contracts on Thursday. Weekly US export sales at 507,600 MT were not the shot in the arm the bulls needed. The US Dollar Index burst through the 96 level and was up 439 points. That is raising concerns about future sales slowdowns. There were 279 contracts delivered vs. KC wheat, with most going from ADM to Dreyfus. There were 66 contracts delivered vs. Chicago, with no strong stopper noted.