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Wheat Dec '23 (ZWZ23)

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Wheat Futures Market News and Commentary

Wheat Rallies on Monday

The wheat complex held the Monday strength into the clsoe, as escalating tensions in the Black Sea gave the market a risk on approach. Chicago SRW futures were up 9 to 11 3/4 cents on the day. KC HRW contracts posted gains of 10 3/4 to 15 1/4 cents on the session. MPLS spring wheat was up 11 1/4 to 13 1/4 cents.

Over the weekend President Biden gave the greenlight to allow Ukraine to use US long range missiles inside of Russia. The wheat market has been muted in much reaction to the nearly 3 year conflict, though this does provide some short covering fuel.

The weekly Crop Progress report from NASS showed the US winter wheat crop at 94% planted as of 11/17, lagging the average by 2 percentage points, with emergence at 84% complete. Condition ratings of the crop were improving anther 5% at 49% gd/ex, as the Brugler500 index was up 12 points to 338. The next 7 days does look to dry out in much of the Southern Plains, with parts of SRW country seeing very light totals.

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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
11/30/23
Expiration Date
12/14/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Nov 12, 2024

View Chart Details
Commercials - Long / Short
176,335 (+7,459)
129,226 (-9,536)
Non-Commercials - Long / Short
105,967 (+1,256)
144,496 (+17,244)
Producers - Long / Short
76,129 (+7,359)
89,762 (-6,578)
Swap Dealers - Long / Short
76,916 (+7,794)
16,174 (+4,736)
Managed Money - Long / Short
62,671 (-2,160)
115,424 (+16,145)
Other Reportables - Long / Short
43,296 (+3,416)
29,072 (+1,099)
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Price Performance

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Period Period Low Period High Performance
1-Month
527-4 +12.61%
on 11/27/23
634-0 -6.31%
on 12/06/23
+22-0 (+3.85%)
since 11/14/23
3-Month
527-4 +12.61%
on 11/27/23
634-0 -6.31%
on 12/06/23
+0-2 (+0.04%)
since 09/14/23
52-Week
527-4 +12.61%
on 11/27/23
829-2 -28.37%
on 02/14/23
-189-0 (-24.14%)
since 12/14/22

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Wheat Rallies on Monday

The wheat complex held the Monday strength into the clsoe, as escalating tensions in the Black Sea gave the market a risk on approach. Chicago SRW futures were up 9 to 11 3/4 cents on the day. KC HRW contracts...

KEH25 : 567-0 (unch)
MWZ24 : 583-0 (-0.34%)
KEZ24 : 555-0 (-0.05%)
ZWZ24 : 548-4 (+0.23%)
ZWH25 : 566-4 (+0.13%)
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Crop Progress

Crop Progress - 2024-11-18

MWH25 : 604-2 (unch)
ZSF25 : 1004-6 (-0.50%)
XBH25 : 212.25s (+0.95%)
XEF25 : 73.90 (+0.14%)
SWH25 : 573.50s (+3.33%)
ZSBAUS.CM : -0.5249 (+0.47%)
ZOH25 : 380-4 (+0.73%)
ZRF25 : 15.175 (+0.07%)
MLH25 : 226.50s (+1.12%)
Y2F25 : 2,662s (unch)
ZCH25 : 439-6 (unch)
ZCDAUS-BIW.CM : 15,671,136 (unch)
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Walsh Gamma Trader

Low-Cost Options, With Limited Risk

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 594-0
2nd Resistance Point 594-0
1st Resistance Point 594-0
Last Price 594-0s
1st Support Level 594-0
2nd Support Level 594-0
3rd Support Level 594-0

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52-Week High 829-2
Fibonacci 61.8% 714-0
Fibonacci 50% 678-3
Fibonacci 38.2% 642-6
Last Price 594-0s
52-Week Low 527-4

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