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Hard Red Wheat Mar '24 (KEH24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Posting Midday Strength

The wheat complex is trading higher across the three exchanges on the Friday session. Chicago SRW futures was up 3 to 7 cents in the nearbys. There were 416 deliveries issued against September CBT wheat futures on first notice day. KC HRW is 1 to 5 1/2 cents higher in the front months. MPLS spring wheat is 4 to 5 cents in the green across the nearby contracts. 

All wheat export commitments have been taken to 10.023 MMT including products, which is 45% of the USDA forecast total for 2024/25 sales and lagging the 47% average pace. Total shipments from the FAS data are now 4.999 MMT, or 22% of USDA’s number and behind the 24% average.

Russia wheat production estimate is pegged at 82.5 MMT according to the latest SovEcon release, down 0.8 MMT from the previous estimate.

Sep 24 CBOT Wheat  is at $5.32 1/2, up 7 1/2 cents,

Dec 24 CBOT Wheat  is at $5.51 3/4, up 3 cents,

Sep 24 KCBT Wheat  is at $5.51, up 5 1/2 cents,

Dec 24 KCBT Wheat  is at $5.61 1/2,... Read more

Contract Specifications

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Contract
KC Hard 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
KCBT
Point Value
$50
Margin/Maintenance
$2,090/1,900
First Notice Date
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

Hard Red Wheat Mar '24
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Aug 27, 2024

View Chart Details
Commercials - Long / Short
106,711 (-6,649)
82,656 (-2,391)
Non-Commercials - Long / Short
69,044 (+2,685)
89,514 (+133)
Producers - Long / Short
37,709 (-3,723)
73,690 (-1,703)
Swap Dealers - Long / Short
63,160 (-1,698)
3,124 (+540)
Managed Money - Long / Short
44,748 (+4,074)
76,493 (+441)
Other Reportables - Long / Short
24,296 (-1,389)
13,021 (-308)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
561-4 +9.26%
on 02/26/24
626-0 -2.00%
on 03/12/24
+25-6 (+4.38%)
since 02/14/24
3-Month
561-4 +9.26%
on 02/26/24
648-4 -5.40%
on 12/29/23
-23-0 (-3.61%)
since 12/14/23
52-Week
561-4 +9.26%
on 02/26/24
929-0 -33.96%
on 07/25/23
-197-6 (-24.38%)
since 03/14/23

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Most Recent Stories

More News
Grain market bulls making meaningful chart progress

US markets closed Monday for Labor Day

Wheat Targets With Fibonacci/Gann Analysis

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

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WEAT : 4.97 (+0.81%)
Soybean Meal Calendar Spread and a Gas Oil calendar spread

Soybean Meal attempted to break through the downward trendline on Friday but failed to hold the break-out.

Hogs Make New High, Cattle Markets bounce

Hogs and Cattle end week on a positive note

Soybeans Rally to Close Out August

Soybean futures closed with gains of 7 to 9 cents on Friday. Today is first notice day for September futures, with 6 deliveries issued against September soybeans. Soymeal futures were up $1.20 in the...

ZMZ24 : 313.0s (+0.68%)
ZLZ24 : 42.01s (-0.28%)
ZSU24 : 982-0s (+0.85%)
ZSPAUS.CM : 9.4913 (+0.73%)
ZSX24 : 1000-0s (+0.76%)
ZSX24 : 1000-0s (+0.76%)
ZSPX24US.CM : 9.4008 (+0.87%)
Wheat Posts Friday Gains

The wheat complex closed higher across the three exchanges on the Friday session. Chicago SRW futures were up 2 to 7 cents in the nearbys. There were 416 deliveries issued against September CBT wheat futures...

ZWU24 : 532-6s (+1.48%)
ZWZ24 : 551-4s (+0.50%)
KEU24 : 552-4s (+1.28%)
KEZ24 : 565-2s (+0.85%)
MWU24 : 573-6s (+2.00%)
Corn Holds Gains Ahead Weekend

Corn futures closed the Friday session with 5 to 7 1/2 cent grain on Friday. The market will be closed on Monday in observance of Labor Day. Export sale commitments for old crop are 98% of the USDA forecast...

ZCU24 : 378-0s (+1.68%)
ZCPAUS.CM : 3.6823 (+3.62%)
ZCZ24 : 401-0s (+1.26%)
ZCZ24 : 401-0s (+1.26%)
ZCPZ24US.CM : 3.7785 (+2.27%)
Shootin' the Bull about a lot to chew through

Futures traders remain overly cautious to push basis to a level for which producers may pounce on. Increased beef production, while cattle production decreases, has been the feat of the year.

Pure Hedge - Livestock and Grain

The Soybeans were kept in check by the shorts, as the Cattle Markets were higher, but did not look good.

Grain Spreads: Short Covering Continues

Beans Bought Back to 10.00

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 613-4
2nd Resistance Point 613-4
1st Resistance Point 613-4
Last Price 613-4s
1st Support Level 613-4
2nd Support Level 613-4
3rd Support Level 613-4

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52-Week High 929-0
Fibonacci 61.8% 788-5
Fibonacci 50% 745-2
Fibonacci 38.2% 701-7
Last Price 613-4s
52-Week Low 561-4

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