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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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Wheat futures were mostly higher on Friday. CHI was fractionally to 5 cents higher, with a 3.33% rise on the week. KC was up 2 1/4 to 4 cents in most contracts, as it was the strongest exchange on the week, 5.01% higher. MPLS was marginally higher in the front months, with the back months up as much as 3 1/2 cents on planting delays. Spec traders held their largest recorded net short position since 2006 on Tuesday at 162,327 contracts in Chicago wheat futures and options. They added 20,201 contracts to their net short position over that week. The forecast for cold temperatures this weekend could have an impact on 20% of the HRW area, according to Commodity Weather Group.
May 17 CBOT Wheat settled at $4.18 1/2, up 5 cents,
May 17 KCBT Wheat settled at $4.24 3/4, up 4 cents,
May 17 MGEX Wheat settled at $5.40 3/4, up 3/4 cent