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Spring Wheat May '24 (MWK24)

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Spring Wheat Futures Market News and Commentary

Wheat Mixed on Wednesday Morning

The wheat futures complex is mixed this morning, with KC leading higher, CBT heading lower, and MPLS unch. They continued this week’s rally on Tuesday. Chicago contracts were up 8 to 15 ¼ cents on the day. Kansas City posted gains of 8 ½ to 11 ¾ cents at the close. MPLS was 6 ¼ to 10 ¾ cents higher across most contracts.

NASS reported condition ratings averaged in the major HRW states down 9 points this past week to 336, with SRW states averaging a 3 point increase to 383, both on the Brugler500 Index. KS specifically took a hit, down 18 points, with OK 16 points lower and TX down 7. A major increase was seen in SD, up 11 points, with IL 9 points higher. For the spring wheat, planting pace in MN was 18% complete by Sunday, 15% faster than normal, with ND reported at 7% vs. the 5% average. The only of the major 6 states to lag was MT, 3% back of the 5-year average. 

Taiwan is tendering for 106,675 MT of US wheat, with the offers due on Thursday. Algeria is seeking 50,000... Read more

Contract Specifications

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Contract
Hard Red Spring 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. - 1:30p.m. (Sun-Fri) (Settles 1:30p.m.) CST
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$2,750/2,500
First Notice Date
04/30/24 (6 days)
Expiration Date
05/14/24 (20 days)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 16, 2024

View Chart Details
Commercials - Long / Short
39,518 (-2,443)
15,716 (-1,535)
Non-Commercials - Long / Short
11,300 (+107)
34,692 (-1,186)
Producers - Long / Short
36,609 (-2,307)
15,173 (-1,454)
Swap Dealers - Long / Short
2,679 (+135)
313 (+190)
Managed Money - Long / Short
8,534 (+610)
34,145 (-929)
Other Reportables - Long / Short
2,766 (-503)
547 (-257)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
625-2 +8.32%
on 04/03/24
677-2 unch
on 04/24/24
+16-2 (+2.46%)
since 03/22/24
3-Month
625-2 +8.32%
on 04/03/24
715-2 -5.31%
on 01/25/24
-32-0 (-4.51%)
since 01/24/24
52-Week
625-2 +8.32%
on 04/03/24
941-4 -28.07%
on 07/25/23
-171-2 (-20.18%)
since 04/24/23

More Spring Wheat Quotes

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Most Recent Stories

More News
3 Reasons Why SRW Wheat Isn't Fundamentally Bullish

Yes, the Chicago SRW Wheat market has rallied of late, but that doesn't mean it is fundamentally bullish.

IWY00 : 533.19s (+2.86%)
Egypt's Wheat Imports Expected to Rise as Economy Stabilizes: USDA

Egypt's wheat imports are forecast to climb in the 2024/25 marketing year as the country's economy stabilizes and access to foreign currency improves, according to a report by the Foreign Agricultural...

Corn Prices Green to Start Wednesday

Corn is trading ½ cent to a penny higher early on Wednesday. The Tuesday action in the corn market saw futures close mixed with 2023 and 2024 crop up 1 ¼ to 3 ¼ cents Contracts for the ’25 crop and...

ZCK24 : 440-2 (-0.62%)
ZCPAUS.CM : 4.2469 (-0.64%)
ZCN24 : 450-6 (-0.39%)
ZCZ24 : 474-2 (-0.11%)
ZCPZ24US.CM : 4.4308 (-0.11%)
Soybeans Higher Following Overnight Trade

Soybeans are up 1 ½ to 3 cents after a round of overnight back and forth trade. Futures posted gains of as little as a fraction to as much as 6 ¼ cents on Tuesday. Soymeal turned around on midday weakness...

ZMN24 : 350.4 (+1.24%)
ZLN24 : 45.20 (-1.48%)
ZSK24 : 1168-4 (+0.09%)
ZSPAUS.CM : 11.1608 (+0.07%)
ZSN24 : 1183-2 (+0.11%)
ZSX24 : 1175-0 (+0.09%)
ZSPX24US.CM : 11.1438 (+0.07%)
Wheat Mixed on Wednesday Morning

The wheat futures complex is mixed this morning, with KC leading higher, CBT heading lower, and MPLS unch. They continued this week’s rally on Tuesday. Chicago contracts were up 8 to 15 ¼ cents on the...

ZWK24 : 592-4 (+1.28%)
ZWN24 : 610-6 (+1.33%)
KEK24 : 621-2 (+2.05%)
KEN24 : 625-0 (+1.75%)
MWK24 : 673-6 (+1.09%)
Shootin' the Bull about getting full

Futures traders were quick to relinquish their buying today.  I think that when you delve inside the business, you'll find that importers are no longer chasing the bid for imported inventory.

Wheat Bottom Came Right At A 78.6% Fibonacci Retracement, 50 Cent Rally Follows

Educational and Actionable information using Fibonacci and W.D. Gann analysis

ZWK24 : 592-4 (+1.28%)
Corn Futures Fight for Gains on Tuesday

The Tuesday action in the corn market saw futures close mixed with 24/25 strength, up 1 ¼ to 3 ¼ cents Contracts for the ’25 crop and beyond were fractionally to 1 ¾ cents lower. Monday afternoon’s...

ZCK24 : 440-2 (-0.62%)
ZCPAUS.CM : 4.2469 (-0.64%)
ZCN24 : 450-6 (-0.39%)
ZCZ24 : 474-2 (-0.11%)
ZCPZ24US.CM : 4.4308 (-0.11%)
Soybeans Post Gains with Planting Delays Expected Later This Week

Soybean futures posted gains of as little as fractionally to as much as 6 ¼ cents on Tuesday. Soymeal turned around on midday weakness to close with contracts up 90 cents to $1.40/ton, with Soy Oil rallying...

ZMN24 : 350.4 (+1.24%)
ZLN24 : 45.20 (-1.48%)
ZSK24 : 1168-4 (+0.09%)
ZSPAUS.CM : 11.1608 (+0.07%)
ZSN24 : 1183-2 (+0.11%)
ZSX24 : 1175-0 (+0.09%)
ZSPX24US.CM : 11.1438 (+0.07%)
Wheat Leads Bull Charge For Second Day In a Row

The wheat complex continued this week’s rally on Tuesday. Chicago contracts were up 8 to 15 ¼ cents on the day. Kansas City posted gains of 8 ½ to 11 ¾ cents at the close. MPLS was 6 ¼ to 10 ¾ cents...

ZWK24 : 592-4 (+1.28%)
ZWN24 : 610-6 (+1.33%)
KEK24 : 621-2 (+2.05%)
KEN24 : 625-0 (+1.75%)
MWK24 : 673-6 (+1.09%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 686-3
2nd Resistance Point 677-5
1st Resistance Point 672-1
Last Price 674-2
1st Support Level 657-7
2nd Support Level 649-1
3rd Support Level 643-5

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52-Week High 941-4
Fibonacci 61.8% 820-6
Fibonacci 50% 783-3
Fibonacci 38.2% 746-0
Last Price 674-2
52-Week Low 625-2

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