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Hard Red Wheat May '24 (KEK24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Still Riding the Down Escalator

Wheat futures are as much as 20 cents per bushel lower across the 3 US markets. French Milling Wheat Futures kicked off the bear parade overnight and were down for the 6th consecutive session. Chicago July futures have closed lower for 9 consecutive sessions. CBT wheat was down 17 ¾ to 20 cents today.  KC HRW settled 22 to 23 cents lower.  MPLS spring wheat futures were down 17 to 19 ¼ cents. 

This morning’s Export Inspections report showed US wheat shipments of 352,202 MT for the first week of the new marketing year.

For Wednesday’s USDA Crop Production report, the average trade estimate for All Wheat in a Reuters survey was 1.88 billion bushels.  That would be up from 1.858 billion in the USDA May report. Trade ideas for wheat ending stocks are UNCH for old crop at 688 million and 778 million for new crop. 

A limited sample of traders expected USDA would show winter wheat harvest 12% completed. That was spot on, with NASS at 12%, The bias was for a slight contra-... Read more

Contract Specifications

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Contract
KC Hard 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
KCBT
Point Value
$50
Margin/Maintenance
$2,420/2,200
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Jun 4, 2024

View Chart Details
Commercials - Long / Short
111,727 (+2,347)
97,417 (+563)
Non-Commercials - Long / Short
63,082 (+166)
70,885 (+3,334)
Producers - Long / Short
37,391 (-4,746)
79,505 (-5,725)
Swap Dealers - Long / Short
57,911 (+571)
1,487 (-234)
Managed Money - Long / Short
47,168 (+1,087)
59,499 (+4,622)
Other Reportables - Long / Short
15,914 (-921)
11,386 (-1,288)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
572-2 +26.52%
on 04/18/24
724-0 unch
on 05/14/24
+134-2 (+22.76%)
since 04/12/24
3-Month
551-4 +31.28%
on 03/06/24
724-0 unch
on 05/14/24
+140-0 (+23.97%)
since 02/14/24
52-Week
551-4 +31.28%
on 03/06/24
918-0 -21.13%
on 07/25/23
-101-4 (-12.30%)
since 05/12/23

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Wheat Still Riding the Down Escalator

Wheat futures are as much as 20 cents per bushel lower across the 3 US markets. French Milling Wheat Futures kicked off the bear parade overnight and were down for the 6th consecutive session. Chicago...

MLU24 : 240.00 (+0.42%)
ZWN24 : 607-0 (-0.08%)
ZWU24 : 630-6 (unch)
KEN24 : 640-2 (-0.54%)
KEU24 : 653-2 (-0.50%)
MWN24 : 677-0 (+0.26%)
Corn Futures Closed Higher on Monday, Condition Ratings Slightly Lower

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Soybean Futures Close Higher on Firm Meal, Recovery in BO

Soybeans settled ½ to 9 cents higher on the first market day of the week. July worked higher throughout the day, while new crop November saw some profit taking in the last 50 minutes of the trading session....

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Cattle Markets Surge

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Shootin' the Bull about divergence.

I don't think the corn belt classic brought the stupendous prices most expected.  The futures big gains and seemingly none in the cash markets leads me to believe that simply some divergence took place...

Corn and Soybeans Firm While Wheat Retreats. Crop Condition Ratings Were Just Released.

Corn and soybeans were firm to start the week but wheat futures continued to slide lower marking the ninth consecutive day of losses, the longest streak since 2015.

Crop Progress

Crop Progress - 2024-06-10

ZSN24 : 1184-4 (-0.32%)
ZSPAUS.CM : 11.2730 (-0.31%)
ZSBAUS.CM : -0.5750 (+0.17%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 4,055s (+1.25%)
XTN24 : 4,651s (+0.30%)
ZCN24 : 452-6 (+0.22%)
ZCPAUS.CM : 4.3535 (+0.23%)
ZCBAUS.CM : -0.1741 (+1.42%)
XVU24 : 2,483s (+0.85%)
XEU24 : 62.38 (-0.11%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 724-0
2nd Resistance Point 724-0
1st Resistance Point 724-0
Last Price 724-0s
1st Support Level 724-0
2nd Support Level 724-0
3rd Support Level 724-0

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52-Week High 918-0
Fibonacci 61.8% 778-0
Fibonacci 50% 734-6
Last Price 724-0s
Fibonacci 38.2% 691-4
52-Week Low 551-4

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