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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 closed 6 to 11 cents lower, with KC HRW pressured by heavy deliveries against September futures. Those were considered surprising because of projections for tight HRW ending stocks this year. The weekly Export Inspections report published this morning showed 773,041 MT shipped vs. 578,942 last week.There were 546 deliveries vs. September KC futures over the weekend, with Dreyfus stopping 364 of them. Egypt is taking advantage of the lower world prices today to hold a tender for wheat for Oct 1-10 shipment. Results are expected tomorrow. US wheat has not been offered by US exporters in recent Egyptian tenders due to freight costs pricing it out of the market. This afternoon, USDA showed spring wheat harvesting falling further behind at 38% done vs. the 65% average pace. Conditions slipped as you might expect with this much rain storm activity. USDA shows 63% of the acres in good/ex condition vs. 66% last week.
Sep 14 CBOT Wheat closed at $5.43 1/2, down 6 3/4 cents,
Sep 14 KCBT Wheat closed at $6.17 1/2, down 8 3/4 cents,
Sep 14 MGEX Wheat closed at $6.18 3/4, up 3 3/4 cents