Futures Traders: Get FREE daily videos covering today's hottest market
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.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Wheat futures finished the Friday session mixed, but the weekly chart shows all losses. Most Friday strength was in the front months. Prices were 2 down to 3 cents up in CHI (-13 cents on the week), steady to 2 cents higher in KC (-15 cents), and 4 cents lower to a penny higher in MPLS (-22 cents). The CFTC report released at 2:30 CDT shows CHI managed money accounts decreased their net long position by 15,506 contracts to 5,099 contracts net long. KC wheat contracts decreased their net long position by 6,829 contracts, to a net short position of 513 contracts. USDA states that 126,900 MT of wheat was sold to unknown destinations this morning, 67,650 MT of which was HRW. So far this year, South Korea, the Philippines, and Thailand have purchased nearly 3 MMT of feed wheat from the Black Sea region for July-December delivery, jumping on prices cheaper than US offers.
Sep 15 CBOT Wheat closed at $4.99 1/4, up 2 3/4 cents,
Sep 15 KCBT Wheat closed at $4.92 1/4, up 1 1/4 cents,
Sep 15 MGEX Wheat closed at $5.23 1/2, down 3 1/4 cents