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Spring Wheat Mar '24 (MWH24)

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Spring Wheat Futures Market News and Commentary

Wheat Falling on Weaker Export Data

Wheat futures are trading with weaker action on Thursday across the three exchanges.  Chicago SRW futures are down 6 to 8 cents at midday. Kansas City HRW contracts are down 4 to 6 cents.   MPLS spring wheat is down another 3 to 6 cents. 

Updated Export Sales data released this morning showed just 309,319 MT of wheat sold in the week that ended on July 18, down vs. last week. The trade was expecting to see between 300,000 and 625,000 MT of wheat sold for 2024/25 marketing year. South Korea was the buyer of 105,000 MT, with Nigeria purchasing 58,800 MT.

The Wheat Quality Council Spring wheat and durum crop tour is underway in North Dakota and a tier of counties in South Dakota. The Day 1 tour average yield was 52.3 bpa, compared to 48.3 bpa a year ago.  Tour participants indicated that the Day 2 average was 52.5 bpa for combined HRS and durum samples, with the HRS averaging 53.7 bpa.  The tour wraps up later today in Fargo. 

Sep 24 CBOT Wheat  is at $5.39 1/4, down... 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
$2,420/2,200
First Notice Date
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
50,219 (+2,949)
23,415 (-276)
Non-Commercials - Long / Short
12,332 (-362)
36,774 (+1,888)
Producers - Long / Short
46,283 (+2,787)
23,364 (-272)
Swap Dealers - Long / Short
3,885 (+166)
N/A
Managed Money - Long / Short
10,722 (+302)
36,083 (+1,940)
Other Reportables - Long / Short
1,610 (-664)
691 (-52)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
636-2 +3.50%
on 02/26/24
686-4 -4.08%
on 03/13/24
-4-0 (-0.60%)
since 02/14/24
3-Month
636-2 +3.50%
on 02/26/24
731-6 -10.01%
on 12/26/23
-58-6 (-8.19%)
since 12/14/23
52-Week
636-2 +3.50%
on 02/26/24
958-0 -31.26%
on 07/25/23
-190-0 (-22.39%)
since 03/14/23

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Most Recent Stories

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Shootin' the Bull about converging basis

The cash trading this week has seemingly caused futures to run towards it, converging basis. Without expectations of higher cash, I would not expect today's gains to hold.  The push to new highs in August...

Corn and Soybeans Rally Into the Last Trading Day of the Week

Corn and soybeans were higher in today's trade following better than expected new crop export data. These are the levels we are keeping an eye on as we head into Friday's trade.

Wheat Falling on Weaker Export Data

Wheat futures are trading with weaker action on Thursday across the three exchanges. Chicago SRW futures are down 6 to 8 cents at midday. Kansas City HRW contracts are down 4 to 6 cents. MPLS spring...

ZWU24 : 537-6s (-1.69%)
ZWZ24 : 562-4s (-1.49%)
KEU24 : 561-4s (-1.06%)
KEZ24 : 578-0s (-0.99%)
MWU24 : 603-6s (-1.15%)
Soybeans Propped Up by Meal Rally

Soybean futures are posting 9 to 18 cent gains so far on Thursday, as meal is helping to push things higher. Soymeal futures got a positive export sales report, with midday price action up $8.40/ton. ...

ZMZ24 : 329.2s (+2.68%)
ZLZ24 : 44.17s (+0.16%)
ZSQ24 : 1116-0s (+0.45%)
ZSPAUS.CM : 10.8947 (+0.24%)
ZSU24 : 1074-4s (+1.34%)
ZSX24 : 1079-4s (+1.46%)
ZSPX24US.CM : 10.2369 (+1.49%)
Corn Bulls Holding Higher on Thursday

Corn futures are trading with 2 to 4 cent gains so far through midday, as the week’s marginal rally continues. The Western Corn Belt remains dry for the next week, with some mild showers expected in...

ZCU24 : 406-0s (+0.56%)
ZCPAUS.CM : 3.9881 (+0.50%)
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ZCZ24 : 420-6s (+0.66%)
ZCPZ24US.CM : 3.9227 (+0.74%)
Corn Gains Limited to Fractional on Thursday Morning

Corn trade is showing fractional gains so far this morning. Futures rounded out the midweek session with fractional to 2 cent gains across most contracts. The Western Corn Belt remains dry for the next...

ZCU24 : 406-0s (+0.56%)
ZCPAUS.CM : 3.9881 (+0.50%)
ZCZ24 : 420-6s (+0.66%)
ZCZ24 : 420-6s (+0.66%)
ZCPZ24US.CM : 3.9227 (+0.74%)
Soybeans Starting Thursday with Slight Weakness

Soybean prices are down 1 to 2 cents going into the USDA weekly Export Sales report. Futures were down 6 to 12 cents at the close on Wednesday. Soymeal futures ended the day with gains of 70 cents to...

ZMZ24 : 329.2s (+2.68%)
ZLZ24 : 44.17s (+0.16%)
ZSQ24 : 1116-0s (+0.45%)
ZSPAUS.CM : 10.8947 (+0.24%)
ZSU24 : 1074-4s (+1.34%)
ZSX24 : 1079-4s (+1.46%)
ZSPX24US.CM : 10.2369 (+1.49%)
Wheat Bulls Sputtering Ahead of Export Sales Release

Wheat prices are trading lower ahead of this morning’s Export Sales report. They were mixed at the settle on Wednesday as price action shifted among the three exchanges. Chicago SRW futures led the...

ZWU24 : 537-6s (-1.69%)
ZWZ24 : 562-4s (-1.49%)
KEU24 : 561-4s (-1.06%)
KEZ24 : 578-0s (-0.99%)
MWU24 : 603-6s (-1.15%)
Corn Continue Strength on Wednesday

Corn futures rounded out the midweek session with contracts showing fractional to 2 cent gains across most contracts. The Western Corn Belt remains dry for the next week, with some mild showers expected...

ZCU24 : 406-0s (+0.56%)
ZCPAUS.CM : 3.9881 (+0.50%)
ZCZ24 : 420-6s (+0.66%)
ZCZ24 : 420-6s (+0.66%)
ZCPZ24US.CM : 3.9227 (+0.74%)
Soybeans Pull Back on Wednesday, with Weaker Bean Oil

Soybean futures faded off any early strength on Wednesday, as contracts were down 6 to 12 cents at the close. Soymeal futures ended the day with gains of 70 cents to $1.50. Soy Oil futures were the weak...

ZMZ24 : 329.2s (+2.68%)
ZLZ24 : 44.17s (+0.16%)
ZSQ24 : 1116-0s (+0.45%)
ZSPAUS.CM : 10.8947 (+0.24%)
ZSU24 : 1074-4s (+1.34%)
ZSX24 : 1079-4s (+1.46%)
ZSPX24US.CM : 10.2369 (+1.49%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 658-4
2nd Resistance Point 658-4
1st Resistance Point 658-4
Last Price 658-4s
1st Support Level 658-4
2nd Support Level 658-4
3rd Support Level 658-4

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52-Week High 958-0
Fibonacci 61.8% 835-1
Fibonacci 50% 797-1
Fibonacci 38.2% 759-1
Last Price 658-4s
52-Week Low 636-2

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