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Hard Red Wheat Jul '24 (KEN24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Mixed on Wednesday

The wheat market closed Wednesday with mixed action across the three exchanges. Kansas City led the way lower, with contracts down 3 to 10 ¼ cents and May up ¾.  Chicago contracts were down 1 ½ to 4 cents across the nearbys and up fractionally to 2 ½ cents in the deferreds. MPLS spring wheat was mixed, with front months down 2 to 3 and back months up 1 to 4 ¾ cents. 

The 7-day QPF from NOAA shows some precip making its way further into some western portions of the Plains that have thus far remained dry. 

This afternoon’s Flour Milling report showed first quarter wheat grind at 226.55 mbu during Jan-March. That was 1 mbu above the same period last year. 

The weekly Export Sales report will be release on Thursday morning, with traders expecting a range of net reductions of 100,000 MT to net sales fo 100,000 MT for old crop. In the week that ended on 4/25, new crop sales are estimated in a range of 200,000 to 600,000 MT. 

May 24 CBOT Wheat  closed at $5.81 1/2,... Read more

Contract Specifications

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Contract
KC Hard Red Winter Wheat
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
KCBT
Point Value
$50
Margin/Maintenance
$2,420/2,200
First Notice Date
06/28/24 (58 days)
Expiration Date
07/12/24 (72 days)

Seasonal Chart

Hard Red Wheat Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
119,227 (+669)
79,560 (+6,394)
Non-Commercials - Long / Short
59,586 (-870)
98,116 (-4,863)
Producers - Long / Short
41,703 (-1,109)
67,137 (+6,683)
Swap Dealers - Long / Short
66,533 (+2,054)
1,432 (-13)
Managed Money - Long / Short
40,900 (-1,948)
88,714 (-3,454)
Other Reportables - Long / Short
18,686 (+1,078)
9,402 (-1,409)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
553-6 +12.87%
on 04/03/24
664-0 -5.87%
on 04/29/24
+54-0 (+9.46%)
since 04/01/24
3-Month
543-2 +15.05%
on 03/06/24
664-0 -5.87%
on 04/29/24
+10-6 (+1.75%)
since 02/01/24
52-Week
543-2 +15.05%
on 03/06/24
873-0 -28.41%
on 07/25/23
-114-6 (-15.51%)
since 05/01/23

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ZMN24 : 349.0s (-0.82%)
ZLN24 : 43.26s (+0.58%)
ZSK24 : 1155-6s (+0.89%)
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ZCK24 : 443-2s (+0.85%)
ZCPAUS.CM : 4.2915 (+0.51%)
ZCN24 : 450-6s (+0.90%)
ZCZ24 : 472-6s (+0.69%)
ZCPZ24US.CM : 4.4238 (+0.55%)
Wheat Mixed on Wednesday

The wheat market closed Wednesday with mixed action across the three exchanges. Kansas City led the way lower, with contracts down 3 to 10 ¼ cents and May up ¾. Chicago contracts were down 1 ½ to 4...

ZWK24 : 581-4s (-0.60%)
ZWN24 : 599-2s (-0.66%)
KEK24 : 625-4s (+0.44%)
KEN24 : 625-0s (-1.61%)
MWK24 : 702-4s (-1.09%)
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Fats and Oils

Fats and Oils - 2024-05-01

ZCN24 : 450-6s (+0.90%)
ZSN24 : 1170-2s (+0.62%)
XSU24 : 3,949s (+0.23%)
XTN24 : 4,661s (+0.43%)
XVN24 : 2,386s (-0.04%)
ZMN24 : 349.0s (-0.82%)
ZLN24 : 43.26s (+0.58%)
XUU24 : 3,384s (+0.24%)
XXU24 : 7,638s (unch)
RSN24 : 625.70s (+1.25%)
KON24 : 3,818s (-2.48%)
YHU24 : 7,390s (-0.67%)
Grain Crushings

Grain Crushings - 2024-05-01

ZCN24 : 450-6s (+0.90%)
ZCPAUS.CM : 4.2915 (+0.51%)
ZCBAUS.CM : -0.2159 (-72.58%)
XVN24 : 2,386s (-0.04%)
XEU24 : 59.56 (-0.02%)
FLM24 : 1.71500s (-0.44%)
ZCDAUS-BIW.CM : 15,671,136 (unch)
ZCYAUS-BIW.CM : 183.74 (unch)
XBM24 : 201.00s (-1.47%)
Wheat Lower on the Midweek Session

The wheat market is trading lower on Wednesday. Kansas City is leading the way with losses of 6 to 8 cents cents and in delivery May down 1 ¾. Chicago contracts are down 4 to 6 cents across the nearbys....

ZWK24 : 581-4s (-0.60%)
ZWN24 : 599-2s (-0.66%)
KEK24 : 625-4s (+0.44%)
KEN24 : 625-0s (-1.61%)
MWK24 : 702-4s (-1.09%)
Corn Pulling Higher at Midday

Corn futures are trading 1 to 2 ½ cents higher so far at midday. There were 3 delivery notices overnight against May futures. The oldest long is dated 10/27/23, when May futures were trading $5.00-5.05....

ZCK24 : 443-2s (+0.85%)
ZCPAUS.CM : 4.2915 (+0.51%)
ZCN24 : 450-6s (+0.90%)
ZCZ24 : 472-6s (+0.69%)
ZCPZ24US.CM : 4.4238 (+0.55%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 647-5
2nd Resistance Point 642-1
1st Resistance Point 633-5
Last Price 625-0s
1st Support Level 619-5
2nd Support Level 614-1
3rd Support Level 605-5

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52-Week High 873-0
Fibonacci 61.8% 747-0
Fibonacci 50% 708-1
Fibonacci 38.2% 669-2
Last Price 625-0s
52-Week Low 543-2

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