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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 took a 15-19 cent hit despite the USDA report numbers being slightly positive vs. expectations. In the trading arena this is called “buy the rumor, sell the fact”. All-wheat acreage was expected to come in above 55.7 million and was put at 55.367 million. Other Spring estimates averaged 13.3ma; USDA found less than 13 million. Durum came in at 1.647ma, also below the trade estimate of 1.7ma but up from 1.398 million last year. Trade estimates for March 1 wheat stocks also were on the high side: At 1.124 billion, the USDA was below the trade average of 1.14 billion bushels.
May 15 CBOT Wheat closed at $5.11 3/4, down 18 1/2 cents,
May 15 KCBT Wheat closed at $5.59 1/4, down 17 cents,
May 15 MGEX Wheat closed at $5.76, down 14 3/4 cents