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Spring Wheat Jul '24 (MWN24)

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Spring Wheat Futures Market News and Commentary

Wheat Posting Double Digit Gains

The wheat complex is trading higher at midday, with lower Russian estimates helping. Chicago contracts are 20 to 22 cents across most nearby contracts. Kansas City futures are 22 to 26 cents higher on Monday to start the week. MPLS spring wheat futures are up 13 to 18 cents.

The weekly FGIS Export Inspections report showed 366,339 MT (13.5 mbu) of wheat exported in the week that ended on May 9. That was a jump of 39.06% from a year ago and 8.01% larger vs. last week. China was the lead destination, with 116,240 MT headed that way, as 103,377 MT was on its way to South Korea. The year to date inspections as we are in the last month of the MY are at 17.648 MMT (648 mbu), a drop of 5.81% vs. last year. 

Commitment of Traders data from the CFTC showed spec traders in Chicago wheat trimming 5,506 contracts from their net short position to 42,360 contracts by May 7th. In Kansas City futures, they peeled back 5,597 contracts to a net short position of 24,013 contracts as of Tue... Read more

Contract Specifications

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Contract
Hard Red Spring 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. - 1:30p.m. (Sun-Fri) (Settles 1:30p.m.) CST
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$2,750/2,500
First Notice Date
06/28/24 (46 days)
Expiration Date
07/12/24 (60 days)

Seasonal Chart

Spring Wheat Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
24,445 (-1,335)
22,105 (+4,573)
Non-Commercials - Long / Short
11,719 (-165)
11,876 (-6,721)
Producers - Long / Short
20,518 (-2,306)
21,523 (+4,349)
Swap Dealers - Long / Short
3,474 (+839)
129 (+92)
Managed Money - Long / Short
8,599 (-526)
11,609 (-6,810)
Other Reportables - Long / Short
3,120 (+361)
267 (+89)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
639-0 +15.53%
on 04/17/24
744-0 -0.77%
on 05/13/24
+88-2 (+13.58%)
since 04/12/24
3-Month
635-0 +16.26%
on 04/03/24
744-0 -0.77%
on 05/13/24
+60-2 (+8.89%)
since 02/13/24
52-Week
635-0 +16.26%
on 04/03/24
919-0 -19.67%
on 07/25/23
-93-0 (-11.19%)
since 05/12/23

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Wheat Posting Double Digit Gains

The wheat complex is trading higher at midday, with lower Russian estimates helping. Chicago contracts are 20 to 22 cents across most nearby contracts. Kansas City futures are 22 to 26 cents higher on...

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ZWN24 : 687-0s (+3.54%)
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Soybeans Posting Monday Strength

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Wheat Extending Highs to Start New Week

The wheat complex is trading with contracts in the green to start the new week. They saw stronger trade on Friday, with assistance from some bull friendly USDA numbers. Chicago contracts were up 18 ¼...

ZWK24 : 670-2s (+3.79%)
ZWN24 : 687-0s (+3.54%)
KEK24 : 724-0s (+3.84%)
KEN24 : 700-0s (+3.97%)
MWK24 : 745-0s (+5.19%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 778-1
2nd Resistance Point 761-1
1st Resistance Point 749-5
Last Price 738-2s
1st Support Level 721-1
2nd Support Level 704-1
3rd Support Level 692-5

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52-Week High 919-0
Fibonacci 61.8% 810-4
Fibonacci 50% 777-0
Fibonacci 38.2% 743-4
Last Price 738-2s
52-Week Low 635-0

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