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 closed down hard as the market reacted to the smallest week of export sales for old-crop reported so far during this marketing year. Trade expectations for the weekly USDA export sales report were in the 300,000 to 700,000 MT range. USDA put the combined old- and new-crop number at just 181,700 MT, with Ecuador the largest buyer. Old-crop bookings were just 102,300 MT as we are getting into the home-stretch of the old crop marketing year. The weak export sales combined with light rainfall in parts of the southern Plains yesterday, and solid gains in the USD index today turned up the pressure on the wheat futures market. The Dow Jones survey put 2015 US all-wheat planting at 55.612 million acres, including 40.578 million acres of winter wheat. In January, USDA put winter wheat at 40.452 million, so there is a bias toward finding a few more winter wheat acres. Spring and durum acreage is expected to increase yr/yr in 2015.
May 15 CBOT Wheat is at $4.99 1/4, down 19 3/4 cents,
May 15 KCBT Wheat is at $5.43, down 20 cents,
May 15 MGEX Wheat is at $5.63 1/4, down 17 1/2 cents