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Wheat Mar '23 (ZWH23)

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Wheat Futures Market News and Commentary

Wheat Bulls Slip-up on Thursday

Wheat futures trade saw weaker action on Thursday across the three exchanges. Chicago SRW futures were down 6 ½ to 9 ¼ cents. Kansas City HRW contracts are down 3 3/4 to 6 cents.   MPLS spring wheat was down another 5 ¾ to 7 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 tour in North Dakota was complete today, with pegged the state average yield for spring wheat at 54.5 bpa following the three-day tour. That was a record for the event going back to 1992 and more than 7 bpa above last year and 12.5 bpa larger than the 5-year average.

The EU Commission revised their forecast for EU wheat production by 1.1 MMT lower to 120.8 MMT on Thursday, with the end... Read more

Contract Specifications

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Contract
Chicago Soft 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
CBOT
Point Value
$50
Margin/Maintenance
$2,310/2,100
First Notice Date
02/28/23
Expiration Date
03/14/23 (expired)

Seasonal Chart

Wheat Mar '23
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
162,861 (+4,764)
120,546 (+2,314)
Non-Commercials - Long / Short
127,750 (-3,412)
163,817 (-2,131)
Producers - Long / Short
64,297 (+2,792)
81,558 (-4,149)
Swap Dealers - Long / Short
66,584 (-4,096)
7,008 (+395)
Managed Money - Long / Short
70,039 (+175)
142,870 (+4,314)
Other Reportables - Long / Short
57,711 (-3,587)
20,947 (-6,445)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
653-4 +5.05%
on 03/09/23
787-2 -12.80%
on 02/15/23
-99-4 (-12.66%)
since 02/14/23
3-Month
653-4 +5.05%
on 03/09/23
799-0 -14.08%
on 12/30/22
-62-6 (-8.38%)
since 12/14/22
52-Week
653-4 +5.05%
on 03/09/23
1273-2 -46.08%
on 05/17/22
-261-2 (-27.57%)
since 03/14/22

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Most Recent Stories

More News
Wheat Bulls Slip-up on Thursday

Wheat futures trade saw weaker action on Thursday across the three exchanges. Chicago SRW futures were down 6 ½ to 9 ¼ cents. Kansas City HRW contracts are down 3 3/4 to 6 cents. MPLS spring wheat...

ZWU24 : 538-0 (+0.05%)
ZWZ24 : 562-6 (+0.04%)
KEU24 : 563-4 (+0.36%)
KEZ24 : 580-2 (+0.39%)
MWU24 : 609-0 (+0.87%)
Soybeans Get Assistance with Meal Rally

Soybean futures saw some spreading on Thursday with August up just a nickel ahead of Friday’s options expiration. All other contracts were up 14 to 16 ½ cents on the day. Soymeal futures got a positive...

ZMZ24 : 327.3 (-0.58%)
ZLZ24 : 44.25 (+0.18%)
ZSQ24 : 1113-2 (-0.25%)
ZSPAUS.CM : 10.8918 (+0.21%)
ZSU24 : 1071-0 (-0.33%)
ZSX24 : 1075-6 (-0.35%)
ZSPX24US.CM : 10.2369 (+1.49%)
Corn Bulls Streaking Higher

Corn futures rounded out the Thursday session with contracts closing 1 ¼ to 3 ½ cents in the green. That took the bulls winning streak to 4 days. The Western Corn Belt remains dry for the next week....

ZCU24 : 404-2 (-0.43%)
ZCPAUS.CM : 3.9859 (+0.44%)
ZCZ24 : 419-2 (-0.36%)
ZCZ24 : 419-2 (-0.36%)
ZCPZ24US.CM : 3.9239 (+0.77%)
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 : 538-0 (+0.05%)
ZWZ24 : 562-6 (+0.04%)
KEU24 : 563-4 (+0.36%)
KEZ24 : 580-2 (+0.39%)
MWU24 : 609-0 (+0.87%)
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 : 327.3 (-0.58%)
ZLZ24 : 44.25 (+0.18%)
ZSQ24 : 1113-2 (-0.25%)
ZSPAUS.CM : 10.8918 (+0.21%)
ZSU24 : 1071-0 (-0.33%)
ZSX24 : 1075-6 (-0.35%)
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 : 404-2 (-0.43%)
ZCPAUS.CM : 3.9859 (+0.44%)
ZCZ24 : 419-2 (-0.36%)
ZCZ24 : 419-2 (-0.36%)
ZCPZ24US.CM : 3.9239 (+0.77%)
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 : 404-2 (-0.43%)
ZCPAUS.CM : 3.9859 (+0.44%)
ZCZ24 : 419-2 (-0.36%)
ZCZ24 : 419-2 (-0.36%)
ZCPZ24US.CM : 3.9239 (+0.77%)
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 : 327.3 (-0.58%)
ZLZ24 : 44.25 (+0.18%)
ZSQ24 : 1113-2 (-0.25%)
ZSPAUS.CM : 10.8918 (+0.21%)
ZSU24 : 1071-0 (-0.33%)
ZSX24 : 1075-6 (-0.35%)
ZSPX24US.CM : 10.2369 (+1.49%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 686-4
2nd Resistance Point 686-4
1st Resistance Point 686-4
Last Price 686-4s
1st Support Level 686-4
2nd Support Level 686-4
3rd Support Level 686-4

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52-Week High 1273-2
Fibonacci 61.8% 1036-4
Fibonacci 50% 963-3
Fibonacci 38.2% 890-2
Last Price 686-4s
52-Week Low 653-4

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