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Wheat Jul '24 (ZWN24)

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Wheat Futures Market News and Commentary

Wheat Heading Lower Ahead of Day Off

The wheat complex is pushing lower across all three exchanges at midday. Kansas City contracts are down 3 to 5 cents. Chicago is leading the way this time, with 6 to 8 cent losses. MPLS spring wheat is down 2 to 5 cents. The markets will be closed on Wednesday in observance of Juneteenth. 

The NASS Crop Progress report showed 94% of the US winter wheat crop headed (3% ahead of normal), with harvest 27% complete as of Sunday and well ahead of the average pace. Kansas harvest pace was listed at 28% complete, 20% ahead of normal. Conditions were improving 2% to 49% gd/ex, as the Brugler500 index was back up 5 points to 335. Ratings in KS were up a massive 19 points, with OK up 10 and CO seeing a 34 point decline. 

Spring wheat was 95% emerged, ahead of the average development pace by 2%, with 4% headed and behind the 7% average for this date. NASS condition ratings for the spring crop up improved 4% points to 76% gd/ex, as the Brugler500 index saw a 5 point improvement to 3... Read more

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
$2,310/2,100
First Notice Date
06/28/24 (10 days)
Expiration Date
07/12/24 (24 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jun 11, 2024

View Chart Details
Commercials - Long / Short
152,969 (-10,935)
124,296 (-14,063)
Non-Commercials - Long / Short
111,810 (-10,088)
136,836 (-3,183)
Producers - Long / Short
57,572 (-1,456)
93,368 (-9,652)
Swap Dealers - Long / Short
71,120 (-5,716)
6,651 (-648)
Managed Money - Long / Short
61,074 (-15,483)
111,431 (-1,326)
Other Reportables - Long / Short
50,736 (+5,395)
25,405 (-1,857)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
582-6 +0.17%
on 06/18/24
720-0 -18.92%
on 05/28/24
-67-4 (-10.36%)
since 05/17/24
3-Month
550-0 +6.14%
on 04/18/24
720-0 -18.92%
on 05/28/24
+26-2 (+4.71%)
since 03/18/24
52-Week
537-6 +8.55%
on 03/11/24
799-0 -26.94%
on 07/25/23
-152-2 (-20.69%)
since 06/16/23

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Most Recent Stories

More News
Soybeans Rallying Following Ratings Drop with Help from Products

Soybeans are 3 to 12 ½ cents higher as we make our way through the Tuesday session. Weaker condition ratings and product value support are helping to support midday action. Soymeal futures are back up...

ZMZ24 : 344.9 (unch)
ZLZ24 : 44.53 (+1.46%)
ZSN24 : 1171-0 (+1.14%)
ZSPAUS.CM : 11.1675 (+1.28%)
ZSQ24 : 1156-4 (+0.92%)
ZSX24 : 1135-2 (+0.44%)
ZSPX24US.CM : 10.7362 (+0.48%)
Wheat Heading Lower Ahead of Day Off

The wheat complex is pushing lower across all three exchanges at midday. Kansas City contracts are down 3 to 5 cents. Chicago is leading the way this time, with 6 to 8 cent losses. MPLS spring wheat is...

ZWN24 : 584-2 (-1.23%)
ZWU24 : 601-6 (-1.03%)
KEN24 : 601-6 (-0.62%)
KEU24 : 611-2 (-0.69%)
MWN24 : 635-0 (-0.55%)
Corn Getting Turnaround Tuesday Bounce

Corn futures are posting 4 to 7 cent gains across most contracts on Tuesday’s midday. They are being helped by some corrective action on a drop in condition ratings and very few prospects of rain in...

ZCN24 : 450-0 (+1.41%)
ZCPAUS.CM : 4.3417 (+1.57%)
ZCU24 : 455-6 (+1.28%)
ZCZ24 : 468-0 (+1.08%)
ZCPZ24US.CM : 4.3839 (+1.15%)
Declining Crop Conditions Help Support Corn and Soybean Prices Overnight

Corn and soybean futures prices firm overnight following the weekly crop progress report, which showed a bigger decline in conditions than expected.

Wheat Continuing Retreat on Tuesday

The wheat complex is posting mixed trade as we kick off the Tuesday session, with many of the front months heading lower. They continued its steep descent on Monday, with double digit losses across all...

ZWN24 : 584-2 (-1.23%)
ZWU24 : 601-6 (-1.03%)
KEN24 : 601-6 (-0.62%)
KEU24 : 611-2 (-0.69%)
MWN24 : 635-0 (-0.55%)
Soybeans Bouncing Following Ratings Drop

Soybeans are 2 to 3 cents higher as we start the Tuesday session. They leaked lower for much of Monday, with contracts down 13 ¼ to 22 ¼ cents across the board. Soymeal futures were down $5.90 to $8.50/ton...

ZMZ24 : 344.9 (unch)
ZLZ24 : 44.53 (+1.46%)
ZSN24 : 1171-0 (+1.14%)
ZSPAUS.CM : 11.1675 (+1.28%)
ZSQ24 : 1156-4 (+0.92%)
ZSX24 : 1135-2 (+0.44%)
ZSPX24US.CM : 10.7362 (+0.48%)
Corn Getting Some Positive Reaction to Lower Crop Ratings

Corn is trading 1 to 2 cents higher on your Tuesday morning. Futures were down 4 ¼ to7 ½ cents across the board on Monday, continuing the Friday pull back. Weather forecasts over the next week calling...

ZCN24 : 450-0 (+1.41%)
ZCPAUS.CM : 4.3417 (+1.57%)
ZCU24 : 455-6 (+1.28%)
ZCZ24 : 468-0 (+1.08%)
ZCPZ24US.CM : 4.3839 (+1.15%)
Soybeans Closes Near the Lows

Soybeans leaked lower for much of the Monday session, as contracts were down 13 ¼ to 22 ¼ cents across the board. Soymeal futures were down $5.90 to $8.50/ton to pile on the pressure. Soy Oil futures...

ZMZ24 : 344.9 (unch)
ZLZ24 : 44.53 (+1.46%)
ZSN24 : 1171-0 (+1.14%)
ZSPAUS.CM : 11.1675 (+1.28%)
ZSQ24 : 1156-4 (+0.92%)
ZSX24 : 1135-2 (+0.44%)
ZSPX24US.CM : 10.7362 (+0.48%)
Wheat Collapses to Start the Week

The wheat complex continued its steep descent on Monday, with double digit losses across all three exchanges. Kansas City contracts were leading the bear charge, with contracts down 13 to 22 cents. Chicago...

ZWN24 : 584-2 (-1.23%)
ZWU24 : 601-6 (-1.03%)
KEN24 : 601-6 (-0.62%)
KEU24 : 611-2 (-0.69%)
MWN24 : 635-0 (-0.55%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 624-3
2nd Resistance Point 617-3
1st Resistance Point 604-3
Last Price 584-2
1st Support Level 584-3
2nd Support Level 577-3
3rd Support Level 564-3

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52-Week High 799-0
Fibonacci 61.8% 699-2
Fibonacci 50% 668-3
Fibonacci 38.2% 637-4
Last Price 584-2
52-Week Low 537-6

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