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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 were 3 to 11 cents lower on the day, but were able to hold onto gains of 4 to 7 cents on the week. The US Dollar Index jumped up nearly another 900 points today on a lower Euro, adding to the gains of comparable size from two other days this week. Private exporters reported to the USDA that Taiwan purchased a total of 101,950 MT of US wheat for new crop delivery. The majority of the purchase was HRS, but about 30% was HRW and 10% was SWW. Dow Jones says Chinese wheat imports for April were down 35% yr/yr, and YTD 2015 imports are off 73% yr/yr. The weekly Commitment of Traders report from the CFTC showed managed money accounts knocking sizable chunks off of their respective net short positions in both CBT and KC wheat as of the Tuesday close.
Sep 15 CBOT Wheat closed at $5.23, down 6 1/2 cents,
Sep 15 KCBT Wheat closed at $5.57, down 10 3/4 cents,
Sep 15 MGEX Wheat closed at $5.80, down 9 1/4 cents