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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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Chicago wheat futures are leading the stampede to the downside and have breached the $5 psychological threshold as the strong dollar, already at levels not seen in more than a decade, continues to exert a negative influence in a highly competitive export market. The dollar hit the highest level vs. the euro since September 2003 this morning. MPLS has seen some support from Chinese purchases of HRS, but they are routine purchases, not really a new market. There were 250 deliveries vs. March CBT SRW. KC March saw 0 contracts put out, perhaps encouraged by the Tuesday rally in HRW.
Mar 15 CBOT Wheat is at $4.92 1/2, down 16 1/4 cents,
Mar 15 KCBT Wheat is at $5.22 3/4, down 7 3/4 cents,
Mar 15 MGEX Wheat is at $5.51 1/2, down 9 3/4 cents