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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Ends Friday with Double Digit Weakness

The wheat complex posted weakness across the board on Friday. Chicago contracts were down 2 to 12 cents, led by the front months. Kansas City futures closed with contracts 4 ¼ to 11 ½ cents. MPLS spring wheat futures were down 7 ½ to 9 ¾ cents across the board.

The Kansas HRW Wheat Quality Tour saw tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate for the KS crop was 290.4 mbu, well above the USDA’s 267.9 from last week.

The large managed money spec funds in Chicago wheat futures and options cut another 14,109 contracts from their net short position as of May 14 to 28,251 contracts. That was the smallest net short they have held since October 2022. In KC wheat, they cut 6,746 contracts from their net short to 17,267 contracts as of Tuesday. 

Jul 24 CBOT Wheat  closed at $6.51 1/4, down 12 cents,

Sep 24 CBOT Wheat  closed at $6.72, down 11 1/2 cents,

<... 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
$2,200/2,000
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 14, 2024

View Chart Details
Commercials - Long / Short
141,475 (+6,282)
127,316 (+19,128)
Non-Commercials - Long / Short
132,484 (+9,798)
137,899 (-2,572)
Producers - Long / Short
43,955 (+650)
98,425 (+19,271)
Swap Dealers - Long / Short
75,060 (+4,810)
6,431 (-965)
Managed Money - Long / Short
85,692 (+6,391)
115,653 (-8,195)
Other Reportables - Long / Short
46,792 (+3,407)
22,246 (+5,623)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
534-2 +22.98%
on 04/18/24
671-0 -2.09%
on 05/13/24
+101-0 (+18.17%)
since 04/12/24
3-Month
523-4 +25.50%
on 03/11/24
671-0 -2.09%
on 05/13/24
+74-0 (+12.69%)
since 02/14/24
52-Week
523-4 +25.50%
on 03/11/24
808-6 -18.76%
on 07/25/23
-25-4 (-3.74%)
since 05/12/23

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ZSN24 : 1228-0s (+0.97%)
SOYB : 25.52 (+0.28%)
ZCN24 : 452-4s (-0.98%)
CORN : 20.31 (-0.93%)
ZWN24 : 651-2s (-1.81%)
KEN24 : 661-6s (-1.71%)
WEAT : 6.09 (-1.30%)
CCN24 : 7,348s (-0.61%)
KCN24 : 206.60s (+4.40%)
TAGS : 28.15 (-0.60%)
DBA : 23.49 (-0.04%)
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Soybeans held on for steady to 11 ¾ cent higher trade across the front months at the close, with back month 2025 contracts lower. July soybeans were up 9 cents this week, with November down 2 ¼. Soymeal...

ZMN24 : 368.8s (+0.30%)
ZLN24 : 45.27s (+1.68%)
ZSN24 : 1228-0s (+0.97%)
ZSPAUS.CM : 11.6622 (+1.07%)
ZSQ24 : 1225-2s (+0.70%)
ZSX24 : 1203-2s (+0.35%)
ZSPX24US.CM : 11.4157 (+0.38%)
Wheat Ends Friday with Double Digit Weakness

The wheat complex posted weakness across the board on Friday. Chicago contracts were down 2 to 12 cents, led by the front months. Kansas City futures closed with contracts 4 ¼ to 11 ½ cents. MPLS spring...

ZWN24 : 651-2s (-1.81%)
ZWU24 : 672-0s (-1.68%)
KEN24 : 661-6s (-1.71%)
KEU24 : 675-4s (-1.67%)
MWN24 : 711-4s (-1.28%)
Corn Ends the Week with Losses

Corn futures closed out the Friday session with losses across the board, as contracts were down 2 to 5 ¼ cents. On the week, July was down 17 ¼ cents, with December losing 15 ½ cents. Weekend weather...

ZCN24 : 452-4s (-0.98%)
ZCPAUS.CM : 4.2844 (-1.03%)
ZCU24 : 462-4s (-1.12%)
ZCZ24 : 476-4s (-1.09%)
ZCPZ24US.CM : 4.4657 (-1.22%)
Grain Spreads: ZSN24/X24 Examined

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Cattle Finish the Day and Week Higher. Hogs and Wheat Decline.

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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 657-0
2nd Resistance Point 657-0
1st Resistance Point 657-0
Last Price 657-0s
1st Support Level 657-0
2nd Support Level 657-0
3rd Support Level 657-0

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52-Week High 808-6
Fibonacci 61.8% 699-6
Fibonacci 50% 666-1
Last Price 657-0s
Fibonacci 38.2% 632-4
52-Week Low 523-4

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