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Spring Wheat May '16 (MWK16)

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Spring Wheat Futures Market News and Commentary

Wheat Rallying to Start Friday

The wheat complex is posting double digit higher trade on Friday morning. The bulls were defending well on  on Thursday. Chicago contracts were up ¾ to 3 ¾ cents on the day. Kansas City futures closed with gains of 3 to 3 ¾ cents across most contracts. MPLS spring wheat futures were steady to 8 ½ cents higher across the board.

Export Sales data showed old crop wheat sales at 41,073 MT as the we enter the last week of the marketing year (MY). Bookings for new crop were slightly below the previous week at 405,959 MT in the week of May 2. The top buyer was Mexico of 123,200 MT, with 121,900 MT sold to Panama.

Ahead of the USDA reports today, the 23/24 US wheat ending stocks total is expected to be left pretty much UNCH, with the average trade guess down 3 mbu to 695 mbu. New crop production is pegged at 1.894 bbu on average, as the carryout for 24/25 is seen rising to 782 mbu. On the world side, the stocks projection is expected to be cut 1.1 MMT to 257.2 MMT, with the 2024... 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
04/29/16
Expiration Date
05/13/16 (expired)

Seasonal Chart

Spring Wheat May '16
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Apr 30, 2024

View Chart Details
Commercials - Long / Short
25,780 (-9,724)
17,532 (+3,662)
Non-Commercials - Long / Short
11,884 (-356)
18,597 (-15,561)
Producers - Long / Short
22,824 (-9,755)
17,174 (+3,519)
Swap Dealers - Long / Short
2,635 (-75)
37
Managed Money - Long / Short
9,125 (+273)
18,419 (-15,023)
Other Reportables - Long / Short
2,759 (-629)
178 (-538)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
517-2 +1.11%
on 04/14/16
553-2 -5.47%
on 04/21/16
+3-0 (+0.58%)
since 04/13/16
3-Month
485-0 +7.84%
on 03/02/16
553-2 -5.47%
on 04/21/16
+35-4 (+7.28%)
since 02/12/16
52-Week
485-0 +7.84%
on 03/02/16
670-0 -21.94%
on 06/30/15
-65-2 (-11.09%)
since 05/13/15

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For those who prefer to march to their own beat, GO stock provides plenty of upside potential for those willing to risk extreme volatility.

GO : 21.76 (+4.04%)
Wheat Rallying to Start Friday

The wheat complex is posting double digit higher trade on Friday morning. The bulls were defending well on on Thursday. Chicago contracts were up ¾ to 3 ¾ cents on the day. Kansas City futures closed...

ZWK24 : 619-6s (+0.61%)
ZWN24 : 650-4 (+2.04%)
KEK24 : 675-6s (+2.66%)
KEN24 : 666-4 (+2.26%)
MWK24 : 708-2s (unch)
Corn Ticking Higher to Start Report Day

Corn prices are up 2 to 2 ½ cents this morning as the trade preps for today’s USDA reports. Futures closed out the Pre-WASDE trade session on Thursday with prices down 1 to 2 ¾ cents across most contracts....

ZCK24 : 443-4 (+0.17%)
ZCPAUS.CM : 4.3593 (+0.57%)
ZCN24 : 459-0 (+0.55%)
ZCZ24 : 482-0 (+0.42%)
ZCPZ24US.CM : 4.5270 (+0.44%)
Soybeans Steady Ahead of Data Release

Friday morning action is showing soybeans fractionally mixed across the front months. Futures headed lower on Thursday, with contracts down 7 ¼ to 20 cents across the board, as the 2024 contracts found...

ZMN24 : 373.5 (+0.16%)
ZLN24 : 42.92 (+0.66%)
ZSK24 : 1195-0 (+0.19%)
ZSPAUS.CM : 11.4688 (+0.05%)
ZSN24 : 1209-2 (+0.06%)
ZSX24 : 1200-4 (unch)
ZSPX24US.CM : 11.3880 (unch)
Grains: What Am I Looking for in USDA's Guesses Friday?

In my Morning Commentary, I took a look at what real fundamentals were for the Grains sector given its another USDA report day.

ICY00 : 433.11s (-0.41%)
ZSN24 : 1209-2 (+0.06%)
IWY00 : 578.14s (+0.58%)
WEAT : 6.05 (+1.01%)
Corn Squares Up Ahead of USDA Report

Corn futures closed out the Pre-WASDE trade session with contracts down 1 to 2 ¾ cents across most contracts. A few deferreds were steady to 1 ¼ cents higher. USDA issued a flash sale of 132,080 MT of...

ZCK24 : 443-4 (+0.17%)
ZCPAUS.CM : 4.3593 (+0.57%)
ZCN24 : 459-0 (+0.55%)
ZCZ24 : 482-0 (+0.42%)
ZCPZ24US.CM : 4.5270 (+0.44%)
Wheat Held Higher on Thursday

The wheat complex saw the bulls holding up on Thursday. Chicago contracts were up ¾ to 3 ¾ cents on the day. Kansas City futures closed with gains of 3 to 3 ¾ cents across most contracts. MPLS spring...

ZWK24 : 619-6s (+0.61%)
ZWN24 : 650-4 (+2.04%)
KEK24 : 675-6s (+2.66%)
KEN24 : 666-4 (+2.26%)
MWK24 : 708-2s (unch)
Soybeans Drops into Thursday Close

Soybeans headed lower on Thursday, with contracts down 7 ¼ to 20 cents across the board, as the 2024 contracts held up at or above $12. Soymeal futures were down on the day, as contracts fell $1.70 to...

ZMN24 : 373.5 (+0.16%)
ZLN24 : 42.92 (+0.66%)
ZSK24 : 1195-0 (+0.19%)
ZSPAUS.CM : 11.4688 (+0.05%)
ZSN24 : 1209-2 (+0.06%)
ZSX24 : 1200-4 (unch)
ZSPX24US.CM : 11.3880 (unch)
Shootin' the Bull about definitive moves in feeders

A definitive move in the feeder cattle futures today is believed to have set the stage for further declines.  On the mid day cattle commentary, I noted a close above $255.22, or under $251.75 August,...

Wheat Pulling Away From Highs, Still Holding Midday Gains

The wheat complex has pulled back from the double digit strength we was earlier in the session but is still higher at midday. Chicago contracts are up 2 to 6 cents so far on the day. Kansas City futures...

ZWK24 : 619-6s (+0.61%)
ZWN24 : 650-4 (+2.04%)
KEK24 : 675-6s (+2.66%)
KEN24 : 666-4 (+2.26%)
MWK24 : 708-2s (unch)

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 523-0
1st Resistance Point 523-0
Last Price 523-0s
1st Support Level 523-0
2nd Support Level 523-0
3rd Support Level N/A

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52-Week High 670-0
Fibonacci 61.8% 599-3
Fibonacci 50% 577-4
Fibonacci 38.2% 555-5
Last Price 523-0s
52-Week Low 485-0

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