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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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The winter wheat contracts are trading steady to slightly higher this morning, with the MPLS spring wheat futures up two cents in the March contract. All three classes of wheat were down last week, despite improved export sales. The generally bearish commodity views on the part of managed money didn’t spare wheat. Selling 11,892 contracts left managed money short 2,462 contracts in Chicago wheat and reduced the long position in Kansas City by almost 4,000 contracts to 15,860 long. Index funds increased their longs in Chicago wheat in the CFTC report but trimmed long positions in Kansas City, leaving them long by 99,219 in Chicago and by 27,997 in Kansas City as of last Tuesday.