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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 closed 3 to 4 cents higher in Chicago, but lost 1 to 2 3/4 in KC. MPLS was down 2 1/2 to 3 3/4 cents. Australian sources are indicating that wheat exports might only hit 18 MMT, a five year low and 1 MMT below the current USDA figure. Trade estimates for the Thursday morning USDA weekly Export Sales report are in the 350,000 MT to 650,000 MT range.
Dec 14 CBOT Wheat closed at $4.99 1/4, up 3 cents,
Dec 14 KCBT Wheat closed at $5.82 1/4, down 1 cent,
Dec 14 MGEX Wheat closed at $5.63, down 2 1/2 cents