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Spring Wheat Mar '24 (MWH24)

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Spring Wheat Futures Market News and Commentary

Wheat Falls into Friday’s Close

The wheat complex saw lower trade across all three exchanges on Friday, to close the week on a lower note. Chicago SRW futures were down 8 1/2 to 13 3/4 cents across the board, as December held onto a 9 ¾ cent weekly gain. KC HRW contracts were 11 to 13 3/4 cents lower on the day, with Dec settling the week with a 21 ¼ cent rally. MPLS spring wheat was down 6 to 7 3/4 cents on the session, with Dec up 30 ¼ cents this week.\

Money managers in Chicago wheat were trimming 3,516 contracts from their net short as of 10/1 to 22,953 contracts, which is the smallest net short in nearly 2 years. In KC wheat they pared back 4,676 contracts to a net short of 15,270 contracts.

Weekly Export Sales indicated total export commitments for wheat and products are now 23% above the previous year and a 3-year high at 11.713 MMT. That is 52% of the full year USDA projection, which is above last year’s pace, with the 5-year average sales pace at 56%.

The FranceAgriMer pegged the country... 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
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Oct 1, 2024

View Chart Details
Commercials - Long / Short
37,163 (+209)
25,147 (+973)
Non-Commercials - Long / Short
13,962 (+1,981)
27,073 (+976)
Producers - Long / Short
34,041 (+239)
24,757 (+1,102)
Swap Dealers - Long / Short
2,980 (-6)
248 (-105)
Managed Money - Long / Short
10,755 (+2,260)
24,509 (+350)
Other Reportables - Long / Short
3,207 (-279)
2,564 (+626)
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Price Performance

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Period Period Low Period High Performance
1-Month
636-2 +3.50%
on 02/26/24
686-4 -4.08%
on 03/13/24
-4-0 (-0.60%)
since 02/14/24
3-Month
636-2 +3.50%
on 02/26/24
731-6 -10.01%
on 12/26/23
-58-6 (-8.19%)
since 12/14/23
52-Week
636-2 +3.50%
on 02/26/24
958-0 -31.26%
on 07/25/23
-190-0 (-22.39%)
since 03/14/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 658-4
2nd Resistance Point 658-4
1st Resistance Point 658-4
Last Price 658-4s
1st Support Level 658-4
2nd Support Level 658-4
3rd Support Level 658-4

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52-Week High 958-0
Fibonacci 61.8% 835-1
Fibonacci 50% 797-1
Fibonacci 38.2% 759-1
Last Price 658-4s
52-Week Low 636-2

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