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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 planning 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 finished the session with 6 3/4 to 11 3/4 cent losses, with the MPLS market showing the most weakness. Domestic wheat prices were pressured by a sharply higher USD, and the Kansas Wheat Harvest Update which has showed strong local yield reports. The national winter wheat harvest as of Sunday night was 4 points ahead of the 5 year average at 45% complete, per the USDA after the close. The crop’s condition score was 365 on our Brugler500 Index, up 3 points week over week. Spring wheat at the headed stage was 29 points ahead of average at 56%. The US spring wheat condition rating was 376 on our Brugler500 Index, down 7 points from last week. This morning, the USDA showed export inspections during the week ending June 23 totaled 511,701 MT, down 10.5% from the week before, but nearly 42% larger than the same week in 2015. YTD inspections for 2016/17 were 1.705 MMT as of June 23, up 37.5% from the same time in 2015/16.
Jul 16 CBOT Wheat settled at $4.46 3/4, down 8 cents,
Jul 16 KCBT Wheat settled at $4.12 3/4, down 10 cents,
Sep 16 MGEX Wheat settled at $5.14 3/4, down 11 3/4 cents