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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 were sharply lower on the day, but all three major classes posted solid gains on the week.In the front month, CBT wheat gained 4.25%, KC picked up 5.01%, and MPLS added 4.43% for the week.The choppy trade this week stems from the uncertainty regarding the fallout surrounding the Russian sanctions and the recent collapse of the Ruble. US weekly export sales were OK at 479,500 MT this week and 71% of the annual forecast is now booked. The USDA baseline acreage forecast for the next 10 years, released on Thursday, calls for all wheat acreage to be slightly lower in 2015, and decline further into the 2016 crop year.Informa expects 2015 Winter wheat acreage to be 42.3 million, which would be down slightly from 2014.The weekly Commitment of Traders report from the CFTC showed managed money accounts had tripled their net-long position in CBT wheat compared to a week earlier, adding a net 10,642 contracts during the week ending Tuesday, December 16.They lightened up on their net long in KC wheat by -2,528 contracts to bring their net long position down to 20,439 contracts.
Mar 15 CBOT Wheat closed at $6.32 1/4, down 23 cents,
Mar 15 KCBT Wheat closed at $6.66, down 17 3/4 cents,
Mar 15 MGEX Wheat closed at $6.48 1/4, down 12 3/4 cents