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Spring Wheat Jul '24 (MWN24)

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Spring Wheat Futures Market News and Commentary

Wheat Extends Pullback on Wednesday

Wheat prices are down another 7 to 12 cents on your Wednesday morning. Futures faced some weakness on Tuesday after the last couple weeks of rallying. Chicago contracts were down a penny to 7 ½ cents, as Kansas City futures were down 1 ½ to 11 ¼ cents on the day. MPLS spring wheat was steady to 6 ¼ cents in the red. 

Tuesday afternoon, the Oklahoma Wheat Commission release the numbers from the annual wheat tour, with an average yield estimated at 33.68 bpa and production totaling 89.16 mbu. Last year’s final USDA production total was 68.6 mbu for the state. The Wheat Quality Council HRW wheat tour for top producer Kansas takes place next week. 

The initial winter wheat production total from NASS in the Crop Production total will be released on Friday, with all winter wheat pegged at 1.32 bbu by analysts. HRW on average is estimated to be 692 mbu, with SRW at 412 mbu, and white winter at 217 mbu. Overall wheat production is estimated to be 1.894 bbu. 

Old crop wheat... 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
$2,750/2,500
First Notice Date
06/28/24 (51 days)
Expiration Date
07/12/24 (65 days)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 30, 2024

View Chart Details
Commercials - Long / Short
25,780 (-9,724)
17,532 (+3,662)
Non-Commercials - Long / Short
11,884 (-356)
18,597 (-15,561)
Producers - Long / Short
22,824 (-9,755)
17,174 (+3,519)
Swap Dealers - Long / Short
2,635 (-75)
37
Managed Money - Long / Short
9,125 (+273)
18,419 (-15,023)
Other Reportables - Long / Short
2,759 (-629)
178 (-538)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
639-0 +10.21%
on 04/17/24
731-0 -3.66%
on 05/06/24
+45-2 (+6.87%)
since 04/08/24
3-Month
635-0 +10.91%
on 04/03/24
731-0 -3.66%
on 05/06/24
+16-2 (+2.36%)
since 02/08/24
52-Week
635-0 +10.91%
on 04/03/24
919-0 -23.37%
on 07/25/23
-125-4 (-15.13%)
since 05/08/23

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Wheat Pulls Back on Turnaround Tuesday

Wheat futures are faced some weakness on Tuesday after the last couple weeks of rallying. Chicago contracts were down a penny to 7 ½ cents, as Kansas City futures were down 1 ½ to 11 ¼ cents on the...

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ZWN24 : 633-2 (-1.48%)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 743-5
2nd Resistance Point 735-3
1st Resistance Point 727-1
Last Price 701-6
1st Support Level 710-5
2nd Support Level 702-3
3rd Support Level 694-1

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52-Week High 919-0
Fibonacci 61.8% 810-4
Fibonacci 50% 777-0
Fibonacci 38.2% 743-4
Last Price 701-6
52-Week Low 635-0

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