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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 steady to 2 cents higher this morning after closing higher yesterday in all three of the major classes. Spring wheat harvest is well behind the 5yr average for this date, and the condition rating also slipped in the Monday afternoon report.HRW basis in KC jumped 5 cents on Tuesday, but only if you can bring them 14% protein content, which is scarcer this year. The trade average estimate for Stats Canada Canadian wheat production is 28.5 MMT. The report release is scheduled for Thursday morning. A Reuters article shows estimates of a 15% production loss in Ukrainian areas where fighting is active. The total loss is projected to be about 500,000 MT. From wire reports, Ukraine is also apparently slowing wheat exports while it tallies inventories of milling quality wheat to ensure domestic supplies.