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Wheat Dec '24 (ZWZ24)

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Wheat Futures Market News and Commentary

Mixed Wheat Action Continuing Early on Thursday Morning

Wheat closed out the Wednesday session with most contracts lower, as the CBT market was firmer. The rallying US dollar index put some pressure on the market. Chicago SRW futures were within a ¾ cent of unchanged on the day. KC HRW contracts were down 2 1/2 to 3 3/4 cents on Wednesday. MPLS spring wheat was down 4 to 5 cents on the day.

Weekly Export Sales data is expected to show 250,000 to 550,000 MT in old crop wheat sales during the week of 10/31. For new crop sales, estimates are running 0 to 50,000 MT. 

Ahead of USDA’s WASDE report on Friday, analysts surveyed by Reuters expect to see very little movement in the US ending stocks projection this month at 813 mbu on average. The range of estimates is 800 to 830 mbu. World stocks for the 2024/25 projection is seen down 0.93 MMT to 256.79 MMT.

South Korea purchased a total of 100,000 MT of wheat split 50,000 MT each from the US and Australia in their tender on Wednesday.

Dec 24 CBOT Wheat  closed at $5.73 1/... 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
$1,925/1,750
First Notice Date
11/29/24 (22 days)
Expiration Date
12/13/24 (36 days)

Seasonal Chart

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

Commitment of Traders Positions as of Oct 29, 2024

View Chart Details
Commercials - Long / Short
161,596 (+6,678)
129,996 (-2,459)
Non-Commercials - Long / Short
106,934 (-4,211)
129,825 (+1,598)
Producers - Long / Short
65,695 (+4,727)
92,130 (-4,666)
Swap Dealers - Long / Short
67,729 (+331)
9,694 (+587)
Managed Money - Long / Short
64,758 (-359)
100,818 (+890)
Other Reportables - Long / Short
42,176 (-3,852)
29,007 (+708)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
557-6 +2.96%
on 10/28/24
611-2 -6.05%
on 10/11/24
-18-2 (-3.08%)
since 10/07/24
3-Month
520-6 +10.27%
on 08/27/24
617-2 -6.97%
on 10/03/24
+12-2 (+2.18%)
since 08/07/24
52-Week
520-6 +10.27%
on 08/27/24
759-2 -24.37%
on 05/28/24
-83-6 (-12.73%)
since 11/07/23

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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 595-6
2nd Resistance Point 586-6
1st Resistance Point 580-0
Last Price 574-2
1st Support Level 564-2
2nd Support Level 555-2
3rd Support Level 548-4

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52-Week High 759-2
Fibonacci 61.8% 668-1
Fibonacci 50% 640-0
Fibonacci 38.2% 611-7
Last Price 574-2
52-Week Low 520-6

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