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Spring Wheat Dec '24 (MWZ24)

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Spring Wheat Futures Market News and Commentary

Wheat Collapses on Monday

The wheat complex faced pressure on Monday across all three exchanges. Chicago SRW futures were down 14 to 17 cents on the day. KC HRW was 19 to 20 cents lower. MPLS spring wheat showed 14 to 16 cent losses across the front months.  

This afternoon’s Crop Progress report showed 14% of the US winter wheat crop planted as of Sunday, 1% faster than normal. The spring wheat crop was 92% harvested, above the 90% average pace.

Weekly Export Inspections data from FGIS showed 556,901 MT of wheat shipped in the week that ended on September 12. That was a drop of 10.3% from last week but an improvement of 31.77% from the same week last year. Of that total, 113,861 MT was headed to Thailand, with 96,393 MT shipped to the Philippines, and 93,397 MT to Mexico. 

Stats Canada wheat estimates for the 2024 crop were released this morning, showing a projection of 34.29 MMT for total wheat production, up 4.1% from last year, but shy of the 35 MT estimate from the WASDE last week.  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
11/29/24 (74 days)
Expiration Date
12/13/24 (88 days)

Seasonal Chart

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

Commitment of Traders Positions as of Sep 10, 2024

View Chart Details
Commercials - Long / Short
42,508 (-3,088)
23,953 (+2,557)
Non-Commercials - Long / Short
11,693 (+737)
31,556 (-3,981)
Producers - Long / Short
39,478 (-3,310)
23,299 (+2,405)
Swap Dealers - Long / Short
2,854 (+185)
478 (+115)
Managed Money - Long / Short
8,143 (+446)
29,850 (-2,795)
Other Reportables - Long / Short
3,550 (+291)
1,706 (-1,186)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
563-0 +10.08%
on 08/26/24
637-6 -2.82%
on 09/13/24
+10-6 (+1.77%)
since 08/16/24
3-Month
563-0 +10.08%
on 08/26/24
684-0 -9.39%
on 06/17/24
-65-2 (-9.53%)
since 06/14/24
52-Week
563-0 +10.08%
on 08/26/24
816-2 -24.07%
on 09/20/23
-199-4 (-24.35%)
since 09/15/23

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Wheat Collapses on Monday

The wheat complex faced pressure on Monday across all three exchanges. Chicago SRW futures were down 14 to 17 cents on the day. KC HRW was 19 to 20 cents lower. MPLS spring wheat showed 14 to 16 cent losses...

ZWZ24 : 578-4s (-2.73%)
ZWH25 : 597-4s (-2.41%)
KEZ24 : 580-4s (-3.25%)
KEH25 : 593-4s (-3.14%)
MWZ24 : 619-6s (-2.48%)
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ZMZ24 : 323.8s (+0.28%)
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ZSF25 : 1023-4s (-0.12%)
ZSX24 : 1004-4s (-0.17%)
ZSPX24US.CM : 9.4455 (-0.17%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 650-4
2nd Resistance Point 641-6
1st Resistance Point 630-6
Last Price 619-6s
1st Support Level 611-0
2nd Support Level 602-2
3rd Support Level 591-2

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52-Week High 816-2
Fibonacci 61.8% 719-4
Fibonacci 50% 689-5
Fibonacci 38.2% 659-6
Last Price 619-6s
52-Week Low 563-0

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