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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 down by double digits in the KC HRW contract, with smaller losses in CHI and MPLS today. USDA reported that condition ratings were mostly UNCH for winter wheat. CO, OK and OR ratings declined from last week, but KS, ID and Michigan showed some improvement.The concerns over dryness in Russian production areas eased somewhat with recent precipitation in some areas. The Russian export tariff for new crop is proposed to be only 1 ruble/MT as long as the exchange rate remains below 60 RU/USD. A weaker ruble would result in a larger tariff in order to avoid a repeat of wheat ‘giveaways’ in dollar or third party currency terms.
Jul 15 CBOT Wheat is at $4.92 3/4, down 5 3/4 cents,
Jul 15 KCBT Wheat is at $5.20 3/4, down 13 1/2 cents,
Jul 15 MGEX Wheat is at $5.56 1/4, down 7 1/2 cents