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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 a couple cents higher this morning. Current YTD wheat export inspections are down about 1/3 from last year. The US winter wheat crop is now estimated to be about 76% planted; close to the 5 yr average of 77%. Typically 50% of the crop has emerged by this date, and this year it is 6 points ahead of normal at 56% emerged. KC basis premiums were firmer for the lower end of the protein scale but 7 to 10 cents weaker at 13% and up.