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Wheat Pit May '24 (WK24)

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Wheat (Pit) Futures Market News and Commentary

Wheat Market Heads Lower on Wednesday

The wheat complex closed the midweek session with weakness across all three exchanges. Chicago wheat contracts were own 8 ¼ to 9 ½ cents on the day. Kansas City futures were down 11 to 15 ½ cents at the close to lead the charge to the downside for the winter wheat contracts. MPLS spring wheat was down 6 to 16 ¼ cent across the board.

Forecasts for rain are sneaking into much of the Southern Plains over the next week, which have remained dry so far this spring. Additional pressure came from forecasts of rain in drier parts of the Russian growing regions. 

Traders are expecting Thursday morning’s Export sales report to show net cancellations of 100,000 MT to sales of 100,000 MT for old crop wheat as we enter the last month of the marketing year. New crop sales are estimated in a range of 200,000-600,000 MT. 

Egypt purchased 420,000 MT of wheat in their latest tender on Wednesday. Of that total, 360,000 MT was Russian origin, with 60,000 MT Romanian.

Jul 24 CBOT... Read more

Contract Specifications

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Contract
Chicago Soft Red Winter Wheat [Pit]
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 per contract)
Trading Hours
8:30a.m. - 1:15p.m. CST
Exchange
CBOT
Point Value
$50
Expiration Date
05/14/24 (6 days)

Seasonal Chart

Wheat Pit May '24
Average Price Chart for 5 Prior Pit Contracts
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
528-4 +3.45%
on 03/15/24
584-2 -6.42%
on 02/27/24
-31-2 (-5.41%)
since 02/21/24
3-Month
528-4 +3.45%
on 03/15/24
646-2 -15.40%
on 12/26/23
-77-2 (-12.38%)
since 12/21/23
52-Week
528-4 +3.45%
on 03/15/24
797-6 -31.46%
on 07/25/23
-183-0 (-25.08%)
since 03/21/23

More Wheat (Pit) Quotes

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Most Recent Stories

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ZMN24 : 378.5s (-1.23%)
ZLN24 : 43.79s (-1.60%)
ZSK24 : 1212-6s (-1.58%)
ZSPAUS.CM : 11.6596 (-1.64%)
ZSN24 : 1227-6s (-1.50%)
ZSX24 : 1213-0s (-1.22%)
ZSPX24US.CM : 11.5162 (-1.29%)
Corn Correct Lower Ahead of Friday’s Reports

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Wheat Market Heads Lower on Wednesday

The wheat complex closed the midweek session with weakness across all three exchanges. Chicago wheat contracts were own 8 ¼ to 9 ½ cents on the day. Kansas City futures were down 11 to 15 ½ cents at...

ZWK24 : 616-0s (-1.40%)
ZWN24 : 634-0s (-1.36%)
KEK24 : 658-2s (-2.30%)
KEN24 : 648-4s (-2.33%)
MWK24 : 708-2s (unch)
Shootin' the Bull about warning signs

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Wednesday Weakness in the Wheat Market

Wheat are trading lower across all three exchanges on Wednesday. Chicago contracts are down a 9 to 11 cents at midday. Kansas City futures are 9 to 14 cents lower on the day. MPLS spring wheat is 9 to...

ZWK24 : 616-0s (-1.40%)
ZWN24 : 634-0s (-1.36%)
KEK24 : 658-2s (-2.30%)
KEN24 : 648-4s (-2.33%)
MWK24 : 708-2s (unch)
Soybeans Pulling Back on Wednesday

Soybeans are taking a breather on Wednesday, showing midday losses of 10 to 13 cents across most contracts. Soymeal is trading $3.70/ton lower in the July contract. Soy Oil is following along, with contracts...

ZMN24 : 378.5s (-1.23%)
ZLN24 : 43.79s (-1.60%)
ZSK24 : 1212-6s (-1.58%)
ZSPAUS.CM : 11.6596 (-1.64%)
ZSN24 : 1227-6s (-1.50%)
ZSX24 : 1213-0s (-1.22%)
ZSPX24US.CM : 11.5162 (-1.29%)
Corn Correcting Lower on Wednesday

Futures are pulling back after a couple weeks of rallying and a USDA report on the horizon. Contracts are down anywhere from 6 to 8 cents across most front months on the midweek session. Weekly EIA data...

ZCK24 : 445-4s (-1.82%)
ZCPAUS.CM : 4.3551 (-1.90%)
ZCN24 : 458-4s (-1.82%)
ZCZ24 : 481-2s (-1.48%)
ZCPZ24US.CM : 4.5173 (-1.49%)
Grain Futures Prices Retreat

The overnight sessions have been misleading over the last few days, will today be a similar story or will the selling persist?

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 546-6
2nd Resistance Point 546-6
1st Resistance Point 546-6
Last Price 546-6s
1st Support Level 546-6
2nd Support Level 546-6
3rd Support Level 546-6

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52-Week High 797-6
Fibonacci 61.8% 694-7
Fibonacci 50% 663-1
Fibonacci 38.2% 631-3
Last Price 546-6s
52-Week Low 528-4

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