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 closed 2 to 7 cents higher.Trader talk is that the Buenos Aires Cereal Exchange lowered their estimate for planted wheat acres in Argentina from 1.1 M acres to 1.03M.South Africa lowered their planted wheat acres to 1.2M acres, down 4.3% from the previous year. Private exporters reported to the U.S. Department of Agriculture export sales of another 205,500 metric tons of wheat to Nigeria. Reuters reports that Egypt bought 175,000 MT of Russian wheat at its overnight tender for mid-September delivery. The US was not expected to be competitive due to freight costs, and no US wheat was offered. Trade estimates for the USDA weekly export sales report are 350,000 MT to 550,000 MT.
Sep 14 CBOT Wheat closed at $5.27 1/4, up 7 1/4 cents,
Sep 14 KCBT Wheat closed at $6.17, up 5 1/2 cents,
Sep 14 MGEX Wheat closed at $6.12 3/4, up 2 1/4 cents