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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 planning 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 currently mostly steady to about three cents higher, after they closed lower on Thursday afternoon. CHI wheat closed with losses from 9 to 16 1/2 cents (with Sept the weakest), while KC and MPLS each lost 4 to 8 cents. The wheat markets experienced further pressure from a stronger US Dollar Index which was up more than 500 points for most of the day. The Weekly Export Sales report form USDA had net sales down 47.5% from the previous week, but shipments were up 49% at 530,400 MT. Egypt purchased 170,000 MTs of Russian wheat from Glencore and Dreyfus yesterday.