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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 are trading sharply lower this morning, with front month losses of 15 to 19 cents at this point. The Russians indicated that they would resume buying for intervention stocks next week. We are told the price for #3 would be 10,100 R/MT, or $164.89/MT at the current exchange rate. That’s $4.48/bushel interior Russia. The USDA weekly export sales report indicated a need for some additional markets, with net sales last week at 509,500 MT including 33,200 MT of new crop. The USDA baseline acreage forecast for the next 10 years, released today, calls for wheat acreage to be 56 million in 2015 and drop to 53 million in 2016.