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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Bull Hit Speed Bump on Tuesday

The wheat complex fell into Turnaround Tuesday across the three exchanges. Chicago contracts were down 1 ½ to 14 ½ cents led by the front months.  Kansas City futures closed out with losses of 7 ¼ to 16 ¾ cents as may expired. MPLS spring wheat futures were fractionally to 5 cents in the red.

Monday afternoon’s NASS Crop Progress report tallied condition ratings down 4 points in KS, 3 points in OK, and 11 points in TX. Much of the SRW states saw some improvement, up 11 points in IL, 3 in IN, and OH unch. 

We will get actual yield updates this week with the Wheat Quality Council HRW Tour beginning today. The next 7 days is offering very limited precip for much of Western KS.

Japan is looking for 121,516 MT of wheat from the US, Canada, and Australia in their weekly ministry of ag tender, with 23,900 MT US specific. 

Jul 24 CBOT Wheat  closed at $6.72 1/2, down 14 1/2 cents,

Sep 24 CBOT Wheat  closed at $6.93 1/4, down 13 1/4 cents,

Jul 24 KCBT Whea... 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 7, 2024

View Chart Details
Commercials - Long / Short
135,193 (+2,429)
108,188 (+7,986)
Non-Commercials - Long / Short
122,686 (+1,797)
140,471 (-4,874)
Producers - Long / Short
43,305 (-386)
79,154 (+5,762)
Swap Dealers - Long / Short
70,250 (+546)
7,396 (-45)
Managed Money - Long / Short
79,301 (+805)
123,848 (-4,277)
Other Reportables - Long / Short
43,385 (+992)
16,623 (-597)
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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Wheat Bull Hit Speed Bump on Tuesday

The wheat complex fell into Turnaround Tuesday across the three exchanges. Chicago contracts were down 1 ½ to 14 ½ cents led by the front months. Kansas City futures closed out with losses of 7 ¼ to...

ZWK24 : 657-0s (-1.98%)
ZWN24 : 674-4 (+0.30%)
KEK24 : 724-0s (unch)
KEN24 : 685-0 (+0.26%)
MWK24 : 729-2s (-2.11%)
Soybeans Drop on Tuesday

Soybean closed Turnaround Tuesday with contracts down 4 ½ to 7 ¼ cents. Soymeal futures were back up on the day, with gains of $2.80 to $6.10/ton. Soy Oil collapsed 131 to 184 points on the session....

ZMN24 : 373.2 (-0.03%)
ZLN24 : 43.48 (+0.18%)
ZSK24 : 1199-0s (-0.54%)
ZSPAUS.CM : 11.5168 (-0.41%)
ZSN24 : 1215-4 (+0.08%)
ZSX24 : 1206-2 (+0.10%)
ZSPX24US.CM : 11.4325 (-0.63%)
Corn Pulls Back on Tuesday

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ZCK24 : 453-6s (-1.04%)
ZCPAUS.CM : 4.4401 (-1.13%)
ZCN24 : 467-6 (+0.05%)
ZCZ24 : 491-2 (+0.05%)
ZCPZ24US.CM : 4.6175 (-0.43%)
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Corn Slipping Lower After Hitting 4-Month High Overnight

Corn futures are trading with fractional to 5 cent losses across most contracts on Tuesday, as May expires today. USDA reported a large private export sale of 405,000 MT of corn to Mexico via the daily...

ZCK24 : 453-6s (-1.04%)
ZCPAUS.CM : 4.4401 (-1.13%)
ZCN24 : 467-6 (+0.05%)
ZCZ24 : 491-2 (+0.05%)
ZCPZ24US.CM : 4.6175 (-0.43%)
Soybeans Pulled Lower by Bean Oil on Turnaround Tuesday

Soybean are down 5 to 7 cents across most nearby contracts on Turnaround Tuesday. Soymeal futures are up $5.80/ton. Soy Oil was is back 181 points lower. On Tuesday morning the White House issued an announcement...

ZMN24 : 373.2 (-0.03%)
ZLN24 : 43.48 (+0.18%)
ZSK24 : 1199-0s (-0.54%)
ZSPAUS.CM : 11.5168 (-0.41%)
ZSN24 : 1215-4 (+0.08%)
ZSX24 : 1206-2 (+0.10%)
ZSPX24US.CM : 11.4325 (-0.63%)
Wheat Falling Lower at Midday

The wheat complex is sparking a Turnaround Tuesday, as contracts are down across the three exchanges at midday. Chicago contracts are 11 to 18 cents lower most nearby contracts. Kansas City futures are...

ZWK24 : 657-0s (-1.98%)
ZWN24 : 674-4 (+0.30%)
KEK24 : 724-0s (unch)
KEN24 : 685-0 (+0.26%)
MWK24 : 729-2s (-2.11%)
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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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