Futures Traders: Get FREE daily videos covering today's hottest market
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 planning 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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Wheat futures finished with most contracts around a couple cents lower. For the week the respective December contracts were slightly higher in for MPLS and KC wheat, but CBT lost 6.5 cents. Egypt booked 120,000 MT of Russian wheat for Nov 21 to 30 delivery. The Commitment of Traders report published at 2:30 on Friday showed managed money accounts were net 33,155 contracts less-short in SRW futures than a week earlier. Their net position recorded on Tuesday this week is 49,166 contracts less-short than the record-short position that was logged two weeks earlier. Managed money accounts were shown with a net long position in HRW wheat of 1,159 contracts. They were also net long 1,927 contracts on June 14, but that was the only other week that group has reported a net long position for KC since July 21, 2015.
Dec 16 CBOT Wheat settled at $4.14 1/2, down 2 1/2 cents,
Dec 16 KCBT Wheat settled at $4.21 1/2, down 1 1/2 cents,
Dec 16 MGEX Wheat settled at $5.29, down 2 1/4 cents