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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 closed the day higher on most contracts, with reported frost on Wednesday night. KC was the strongest, 8-8 1/2 cents higher in the front months. Overnight lows reached the upper 20’s in northern KS and down to the low 20’s in northern NE and the Dakotas. Old crop wheat export sales were reported at a marketing year low at 61,674 MT, 85.1% lower than last week and 82.5% behind the same time last year. There were 305,420 MT in new crop sales, ahead of most expectations. Exports for wheat during the week ending April 20 were 39.3% ahead of last week at 612,655, but were down 17.3% wk/wk. MT In their monthly report, the IGC increased their world wheat production estimates to 736 MMT from 735 MMT the month previous.
May 17 CBOT Wheat settled at $4.13 1/2, up 5 3/4 cents,
May 17 KCBT Wheat settled at $4.20 3/4, up 8 1/2 cents,
May 17 MGEX Wheat settled at $5.40, up 2 1/4 cents