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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 higher for all three major classes today.CHI wheat finished the day up more than 10 cents in the front month.December MPLS wheat was more than 7 cents higher on the day. Gulf bids for CIF SRW jumped 5 to 10 cents in the midday report, with January shipments now bid at $1.10 over March futures.EU wheat futures on the MATIF rallied close to their July highs, due to strong exports. Brazilian production is estimated to be 7.5 MMT by local sources, up almost 30% from the depressed 2013 crop.
Dec 14 CBOT Wheat closed at $5.62, up 10 1/2 cents,
Dec 14 KCBT Wheat closed at $6.21, up 3 3/4 cents,
Dec 14 MGEX Wheat closed at $5.98 1/2, up 7 3/4 cents