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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 mostly two to four cents higher this morning, after settling mostly 5 to 7 cents lower on Friday. The front months finished higher for the full week. HRW futures were just a quarter cent higher, but SRW futures were up more than a nickel, and HRS gained 4.5 cents. Stats Canada updated wheat production estimates Friday morning, putting all wheat production about 1 MMT higher than average trade guesses at 26.06 MMT (USDA: 25.00 MMT). USDA is expected to adopt that hike on Friday, offsetting most of the reduction in the US crop. CFTC says that managed money was net 8,717 contracts less short in SRW wheat and net 1,211 contracts less short in HRW wheat compared to a week earlier as of the Tuesday close.