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Hard Red Wheat Sep '23 (KEU23)

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Hard Red Wheat Futures Market News and Commentary

Contrary Opinion Trade Works for Wheat on Friday

Wheat futures were swimming against the bearish tide on Friday, or perhaps unwinding some inter-market spreads.  In any event, all three US markets were higher. Chicago futures settled 5 to 8 cents higher.  Kansas City contracts were up 5 ¼ to 7 ¾ for the day. MPLS spring wheat continued its mini-rally, up 8 ¾ to 9 ¼ on the day. 

Following USDA’s Export Sales report from Thursday, US export commitments for wheat are now 35% of the full year USDA projection at 7.76 MMT, 1% ahead of the average pace. Actual shipments to date are 2.2 MMT, 9% of that forecast and 1% below the 5-year average.

FranceAgriMer estimates the French soft wheat crop at 52% gd/ex, a 5% drop from the week prior. Last year was 80%. The crop is now 14% harvested, compared to 51% last year and an average at 43%.

The Friday afternoon Commitment of Traders report from CFTC showed the managed money spec funds drifting more bearish during the week,  adding 6,749 contracts to their Chicago net short and... 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
$2,310/2,100
First Notice Date
08/31/23
Expiration Date
09/14/23 (expired)

Seasonal Chart

Hard Red Wheat Sep '23
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
117,466 (-191)
84,722 (+1,850)
Non-Commercials - Long / Short
60,601 (-514)
88,253 (-1,983)
Producers - Long / Short
40,760 (-845)
72,316 (+1,988)
Swap Dealers - Long / Short
67,458 (+1,492)
3,158 (+700)
Managed Money - Long / Short
38,220 (-2,485)
82,844 (+1,246)
Other Reportables - Long / Short
22,381 (+1,971)
5,409 (-3,229)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
704-0 +0.99%
on 09/12/23
762-4 -6.75%
on 08/25/23
-39-4 (-5.26%)
since 08/14/23
3-Month
704-0 +0.99%
on 09/12/23
929-6 -23.53%
on 07/25/23
-71-2 (-9.11%)
since 06/14/23
52-Week
704-0 +0.99%
on 09/12/23
994-2 -28.49%
on 10/10/22
-213-4 (-23.09%)
since 09/14/22

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 711-5
2nd Resistance Point 711-3
1st Resistance Point 711-1
Last Price 711-0s
1st Support Level 710-5
2nd Support Level 710-3
3rd Support Level 710-1

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52-Week High 994-2
Fibonacci 61.8% 883-3
Fibonacci 50% 849-1
Fibonacci 38.2% 814-7
Last Price 711-0s
52-Week Low 704-0

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