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Spring Wheat Dec '24 (MWZ24)

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Spring Wheat Futures Market News and Commentary

Wheat Posts Gains into the Weekend

Wheat futures found strength, as all three exchanges posted gains on Friday. Chicago SRW futures were up 1 ¾ to 4 ½ cents across the board. KC HRW poste 1 ¾ to 6 cent gains on the session. MPLS spring wheat was up 5 to 7 cents to lead the complex higher.  

Friday afternoon’s Commitment of Traders report showed specs in Chicago wheat adding 1,956 contracts to their net short position by Tuesday to 73,288 contracts. In KC wheat, they cut 3,214 contracts from their net short to 32,824 contracts. 

All wheat export sales for the 2024/25 marketing year have totaled 8.99 MMT according to the FAS Export Sales report, which accounts for 40% of the USDA projection and lags the 43% average pace. Early shipments just over 2 months into the marketing year are 3.95 MMT, up 24% over last year and 17% of the USDA forecast.

Ukraine’s ag ministry expected the country’s wheat crop to total 21.7 MMT, compared to the 21.6 MMT update from USDA on Monday. Russia hiked their export tax on... 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
11/29/24 (103 days)
Expiration Date
12/13/24 (117 days)

Seasonal Chart

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

Commitment of Traders Positions as of Aug 13, 2024

View Chart Details
Commercials - Long / Short
47,515 (+556)
20,787 (-551)
Non-Commercials - Long / Short
8,519 (+871)
33,405 (+1,146)
Producers - Long / Short
43,885 (+848)
20,451 (-354)
Swap Dealers - Long / Short
3,468 (+31)
174 (+126)
Managed Money - Long / Short
6,211 (+549)
31,906 (+1,107)
Other Reportables - Long / Short
2,308 (+322)
1,499 (+39)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
595-0 +2.35%
on 07/30/24
645-6 -5.69%
on 07/23/24
+11-6 (+1.97%)
since 07/16/24
3-Month
595-0 +2.35%
on 07/30/24
790-4 -22.96%
on 05/28/24
-135-6 (-18.23%)
since 05/16/24
52-Week
595-0 +2.35%
on 07/30/24
830-4 -26.67%
on 08/25/23
-206-6 (-25.34%)
since 08/16/23

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Wheat Posts Gains into the Weekend

Wheat futures found strength, as all three exchanges posted gains on Friday. Chicago SRW futures were up 1 ¾ to 4 ½ cents across the board. KC HRW poste 1 ¾ to 6 cent gains on the session. MPLS spring...

ZWU24 : 530-0s (+0.33%)
ZWZ24 : 552-4s (+0.41%)
KEU24 : 539-6s (+0.51%)
KEZ24 : 555-0s (+0.41%)
MWU24 : 593-2s (+1.19%)
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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 624-3
2nd Resistance Point 617-5
1st Resistance Point 613-3
Last Price 609-0s
1st Support Level 602-3
2nd Support Level 595-5
3rd Support Level 591-3

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52-Week High 830-4
Fibonacci 61.8% 740-4
Fibonacci 50% 712-6
Fibonacci 38.2% 685-0
Last Price 609-0s
52-Week Low 595-0

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