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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 sharply lower on the day, with double digit losses in the front months on all three major classes; and new life of contract lows.Slow exports and suspected improvement in crop conditions were the main drivers.Weekly crop condition ratings tonight, however, showed no change from last week in the good/excellent category. The, Brugler500 Index slipped two points as some of the poorer wheat deteriorated.The Spring Wheat crop was reported at 55% planted when the 5year average is only 29% for this date.The USDA Export Inspections report this morning showed 543,929 MT shipped last week, down 11% from the previous week. Year to date shipments are 282 million bushels below last year. Russian wheat exports since July 1 total 19.8 MMT vs. 16.6 the previous year. That is up 117 million bushels and accounts for a good chunk of the US shortfall. The EU has also gained market share.
May 15 CBOT Wheat closed at $4.70 1/4, down 15 3/4 cents,
May 15 KCBT Wheat closed at $4.90 3/4, down 11 1/2 cents,
May 15 MGEX Wheat closed at $5.24 1/2, down 10 1/2 cents