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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 3 to 4 cents lower this morning. USDA put the 2014 wheat production figure near expectations at 2.035 bbu. Winter wheat pre-report estimates averaged 1.404 bbu, but the USDA came in on the low end of the range at 1.378 bbu. The September 1, 2014 wheat stocks in all positions totaled 1.914 bbu, very close to the average trade estimate of 1.910 bbu. Egypt took advantage of the lower prices on Tuesday to schedule a buying tender overnight for early November shipment.