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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 posted sharp declines to end the day with double digit losses. For the week, Chicago was down 8 cents and KC was off 6 cents, but Minneapolis picked up a 3 cent gain. Despite better than expected old crop export sales yesterday, the pace (99% of commitments vs. 102% average) still lags that needed to meet the recently reduced USDA forecast for the marketing year ending May 31. Managed money accounts increased their net short positions in CBT and KC wheat during the week ending Tuesday April 21 by -14,502 and -10,041 respectively.
May 15 CBOT Wheat closed at $4.86, down 11 3/4 cents,
May 15 KCBT Wheat closed at $5.02 1/4, down 14 1/4 cents,
May 15 MGEX Wheat closed at $5.35, down 10 1/4 cents