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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 trading steady to as much as three cents higher after a mixed close on Wednesday. MPLS was down again on spread unwinding and fallout from the near record Canadian crop. KC was fractionally higher on that same spread activity. YTD Chinese wheat imports through July are up 23% year/year. Their total for July was 305,802 MT, up just 1.5% from July 2015. Gulf barge bids for CIF SRW were up a nickel for August shipments, while asks crept up 2 cents with them at 30 and 32 cents over September futures respectively. Trader ideas for this morning’s USDA weekly Export Sales report run 300,000 to 625, 000 MT.