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Spring Wheat Dec '23 (MWZ23)

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Spring Wheat Futures Market News and Commentary

Wheat Extends Collapse into Friday’s Close

Wheat futures fell across all three exchanges on Friday. Chicago SRW futures were down 4 ¼ to 8 ¾ cents across the board, as September was down 27 ¾ on the week. KC HRW was 6 ¾ to 10 cents lower on the day, with September losing 19 ¾ cents since last Friday. MPLS spring wheat drove the bus to the downside, as the board saw losses of 5 ½ to 16 ½ cents on the day, with Sep falling 41 ½ cents this week.

Friday afternoon’s Commitment of Traders report showed speculators in Chicago whet futures and options covering 20,303 contracts from their net short position as of August 20 to 52,985 contracts. In KC wheat, they added 2,495 contracts back to their net short at 35,319 contracts by Tuesday. 

Thursday morning’s Export Sales report showed all wheat export commitments at 9.488 MMT of August 15. That was 31% above the year prior and is a 4-year high. It is also 42% of the USDA estimated full year projection, lagging the 44% average pace. 

FranceArgiMer estimates the French... 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
11/30/23
Expiration Date
12/14/23 (expired)

Seasonal Chart

Spring Wheat Dec '23
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Aug 20, 2024

View Chart Details
Commercials - Long / Short
47,523 (+8)
22,350 (+1,563)
Non-Commercials - Long / Short
8,837 (+318)
33,098 (-307)
Producers - Long / Short
44,115 (+230)
21,960 (+1,509)
Swap Dealers - Long / Short
3,373 (-95)
355 (+181)
Managed Money - Long / Short
6,592 (+381)
31,238 (-668)
Other Reportables - Long / Short
2,245 (-63)
1,860 (+361)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
682-4 +2.60%
on 11/27/23
738-6 -5.21%
on 11/15/23
-34-2 (-4.66%)
since 11/14/23
3-Month
682-4 +2.60%
on 11/27/23
791-0 -11.47%
on 09/15/23
-83-2 (-10.63%)
since 09/14/23
52-Week
682-4 +2.60%
on 11/27/23
956-0 -26.75%
on 07/25/23
-198-2 (-22.06%)
since 12/14/22

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ZSX24 : 973-0s (+1.20%)
ZCZ24 : 391-0s (-0.64%)
ZWZ24 : 528-0s (-1.40%)
SOYB : 21.35 (+1.14%)
CORN : 17.32 (-0.23%)
WEAT : 4.79 (-0.83%)
KCZ24 : 247.30s (+1.81%)
CCZ24 : 7,811s (+0.79%)
SBV24 : 18.39s (+3.03%)
CANE : 11.30 (+2.38%)
TAGS : 24.38 (+0.54%)
DBA : 24.68 (+0.82%)
Corn Falls into the Weekend

Corn futures faded lower into the weekend across most contracts. Futures were down 2 to 4 cents in the front months, as they closed out the week. A few deferred contracts were steady to 1 ¾ cents higher....

ZCU24 : 367-6s (-1.01%)
ZCPAUS.CM : 3.5565 (-1.03%)
ZCZ24 : 391-0s (-0.64%)
ZCZ24 : 391-0s (-0.64%)
ZCPZ24US.CM : 3.6360 (-0.82%)
Wheat Extends Collapse into Friday’s Close

Wheat futures fell across all three exchanges on Friday. Chicago SRW futures were down 4 ¼ to 8 ¾ cents across the board, as September was down 27 ¾ on the week. KC HRW was 6 ¾ to 10 cents lower on...

ZWU24 : 502-2s (-1.71%)
ZWZ24 : 528-0s (-1.40%)
KEU24 : 520-0s (-1.75%)
KEZ24 : 535-0s (-1.83%)
MWU24 : 551-6s (-2.90%)
Soybeans Hold Gains, After a Week of Improved Export Business

Soybeans rounded out the week with contracts posting 8 ¼ to 11 ½ cent gains across the board. Soymeal futures were mixed on the session anywhere from 40 cents higher to down $1.30 per ton. Soy Oil ...

ZMZ24 : 304.5s (+0.13%)
ZLZ24 : 40.38s (+3.59%)
ZSU24 : 952-0s (+1.14%)
ZSPAUS.CM : 9.2864 (+1.11%)
ZSX24 : 973-0s (+1.20%)
ZSX24 : 973-0s (+1.20%)
ZSPX24US.CM : 9.1185 (+1.27%)
Shootin' the Bull about traversing quicksand

In my opinion, traders opened a wide swath of quicksand for producers to have to traverse as markets seek convergence.

Soybeans Holding Gains at Midday

Soybeans are posting strength on Friday, as contracts are up 7 to 8 cents in the nearby. Soymeal futures are down 50 cents/ton in the nearby Sep contract. Soy Oil are showing some strength and up 96...

ZMZ24 : 304.5s (+0.13%)
ZLZ24 : 40.38s (+3.59%)
ZSU24 : 952-0s (+1.14%)
ZSPAUS.CM : 9.2864 (+1.11%)
ZSX24 : 973-0s (+1.20%)
ZSX24 : 973-0s (+1.20%)
ZSPX24US.CM : 9.1185 (+1.27%)
Corn Slipping into Friday’s Midday

Corn futures are fading off the earlier Friday strength for losses at midday. Contracts are down 1 to 2 ¼ cents across the contracts so far on the session. Weekly Export Sales data old crop corn export...

ZCU24 : 367-6s (-1.01%)
ZCPAUS.CM : 3.5565 (-1.03%)
ZCZ24 : 391-0s (-0.64%)
ZCZ24 : 391-0s (-0.64%)
ZCPZ24US.CM : 3.6360 (-0.82%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 700-2
2nd Resistance Point 700-2
1st Resistance Point 700-2
Last Price 700-2s
1st Support Level 700-2
2nd Support Level 700-2
3rd Support Level 700-2

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52-Week High 956-0
Fibonacci 61.8% 851-4
Fibonacci 50% 819-2
Fibonacci 38.2% 787-0
Last Price 700-2s
52-Week Low 682-4

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