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Spring Wheat Sep '24 (MWU24)

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Spring Wheat Futures Market News and Commentary

Wheat Posts Strength on Thursday

The wheat complex posted gains across the three exchanges on Thursday. Chicago SRW futures were 4 to 4 ½ cents higher on the day. KC HRW contracts were up 4 ¼ to 7 1/4 cents on the session. MPLS spring wheat rallied 4 ¼ to 8 cents higher into the close.

Export Sales data will be released on a delayed schedule for Friday morning given the Monday holiday. Traders expect to see 250,000 to 550,000 MT of all wheat sales for 2024/25 in the week that ended on 10/10, with 0 to 50,000 MT for 2025/26.

Taiwan purchased a total of 78,200 MT of US origin wheat in a tender on Thursday. International Grains Council data showed word wheat production unchanged at 798 MMT, with consumption up 1 MMT and carryout trimmed by 1 MMT to 266 MMT.

Dec 24 CBOT Wheat  closed at $5.89 1/2, up 4 1/2 cents,

Mar 25 CBOT Wheat  closed at $6.09 1/2, up 4 1/4 cents,

Dec 24 KCBT Wheat  closed at $5.96, up 7 1/4 cents,

Mar 25 KCBT Wheat  closed at $6.10, up 6 1/2 cents,

Dec 24... 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
$2,090/1,900
First Notice Date
08/30/24
Expiration Date
09/13/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Oct 8, 2024

View Chart Details
Commercials - Long / Short
34,981 (-2,182)
28,630 (+3,483)
Non-Commercials - Long / Short
13,318 (-644)
20,178 (-6,895)
Producers - Long / Short
31,967 (-2,074)
28,479 (+3,722)
Swap Dealers - Long / Short
2,863 (-117)
N/A (-248)
Managed Money - Long / Short
10,294 (-461)
17,955 (-6,554)
Other Reportables - Long / Short
3,024 (-183)
2,223 (-341)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
537-4 +13.12%
on 08/26/24
608-0 unch
on 09/13/24
+15-0 (+2.53%)
since 08/13/24
3-Month
537-4 +13.12%
on 08/26/24
676-6 -10.16%
on 06/14/24
-68-6 (-10.16%)
since 06/13/24
52-Week
537-4 +13.12%
on 08/26/24
808-2 -24.78%
on 09/15/23
-200-2 (-24.78%)
since 09/13/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 608-0
2nd Resistance Point 608-0
1st Resistance Point 608-0
Last Price 608-0s
1st Support Level 608-0
2nd Support Level 608-0
3rd Support Level 608-0

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52-Week High 808-2
Fibonacci 61.8% 704-7
Fibonacci 50% 672-7
Fibonacci 38.2% 640-7
Last Price 608-0s
52-Week Low 537-4

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