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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 12 to 14 cents lower at midday. French wheat futures on MATIF sank today, and the US market followed. Scouts on the Cereals North America Canadian crop tour are reporting typical yields in most areas, with select areas producing above average yields. The US winter wheat harvest is still cruising along at 83% complete. The 5-year average would be 80%. Spring wheat heading matches the average pace of 93%. North Dakota was 91% headed, up from 79% last week and just below the 5 year average of 93%. USDA shows 70% of the crop in good/ex condition, the same as last week but with 1% more rated excellent.
Sep 14 CBOT Wheat is at $5.21 1/4, down 13 1/2 cents,