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Hard Red Wheat Dec '24 (KEZ24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Getting Midweek Bounce

The wheat market is higher on Wednesday morning. Wheat bulls tried to battle back for a Turnaround Tuesday bounce, but bears were too much to handle, as all three exchanges were lower. Chicago futures were down 1 to 5 ½ cents at the close. Kansas City contracts were 5 ¼ to 8 ¾ cents in the red on the session. MPLS spring wheat futures closed with contracts 3 ¼ to 5 ¼ cents lower at the final bell.

Weekly Crop Progress data on Monday night showed Spring wheat condition ratings were up 2% to 77% good/excellent, with none of the crop rated very poor. The Brugler500 index was up 4 points to 384. Most of the improvement was in ID, up 12, with MT 6 points higher, and ND up 1. Ratings in MN were down 2, as SD lost 12 and WA dropping 15 points.

Egypt’s GASC took advantage of multi-year low prices and purchased a massive 770,000 MT of wheat in their tender on Tuesday with 720,000 MT Russian and 50,000 MT Bulgarian. Japan is also tendering for 115,208 MT of US, Canadian, and Austr... 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
11/29/24 (135 days)
Expiration Date
12/13/24 (149 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 9, 2024

View Chart Details
Commercials - Long / Short
117,657 (-282)
82,872 (+122)
Non-Commercials - Long / Short
61,115 (-2,421)
90,236 (-5,128)
Producers - Long / Short
41,605 (-664)
70,328 (-204)
Swap Dealers - Long / Short
65,966 (-396)
2,458 (-452)
Managed Money - Long / Short
40,705 (-2,293)
81,598 (-4,573)
Other Reportables - Long / Short
20,410 (-128)
8,638 (-555)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
563-0 +2.49%
on 07/16/24
637-0 -9.42%
on 06/18/24
-57-2 (-9.03%)
since 06/17/24
3-Month
563-0 +2.49%
on 07/16/24
775-4 -25.60%
on 05/28/24
-23-4 (-3.91%)
since 04/17/24
52-Week
563-0 +2.49%
on 07/16/24
858-4 -32.79%
on 07/25/23
-206-0 (-26.31%)
since 07/17/23

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Wheat Slips Back Lower into the Close

Wheat bulls tried to battle back for a Turnaround Tuesday bounce, but bears were too much to handle, as all three exchanges were lower. Chicago futures were down 1 to 5 ½ cents at the close. Kansas City...

ZWU24 : 538-4 (+1.46%)
ZWZ24 : 563-0 (+1.35%)
KEU24 : 560-4 (+1.86%)
KEZ24 : 577-0 (+1.76%)
MWU24 : 585-4 (+1.69%)
Grain Spreads: Limp Bounce for Beans

Key Support Tested and Holding

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 589-0
2nd Resistance Point 583-0
1st Resistance Point 575-0
Last Price 577-0
1st Support Level 561-0
2nd Support Level 555-0
3rd Support Level 547-0

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52-Week High 858-4
Fibonacci 61.8% 745-5
Fibonacci 50% 710-6
Fibonacci 38.2% 675-7
Last Price 577-0
52-Week Low 563-0

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