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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 mostly 7 to 9 cents lower today, despite a steep drop in the US Dollar index. Concerns about slower growth in the Chinese economy, combined with some more favorable weather forecasts are pressuring the wheat market. Weekly export inspections reported by the USDA this morning were 439,330 MT, which was down from last week, but larger than the same week a year ago. The weekly Crop Progress report showed 2% of the HRS crop has been harvested and the condition improved slightly from last week, adding one point to the good/excellent category. Winter wheat was 85% harvested (5 points ahead of the 5yr avg), and as of Sunday OK, KS, AK and NC had finished up.
Sep 15 CBOT Wheat closed at $5.02 1/2, down 9 1/4 cents,
Sep 15 KCBT Wheat closed at $4.99 1/4, down 8 cents,