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Spring Wheat Jul '24 (MWN24)

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Spring Wheat Futures Market News and Commentary

Wheat Post Gains, But Far From Highs

The wheat complex jumped out of three-day weekend, but the morning session brought along some heaviness, with contracts pulling well off the overnight highs. Chicago contracts were steady to 3 cents in the green at the close. Kansas City futures were up 2 ¾ to 10 cents across the board. MPLS spring wheat saw gains of 1 ¼  to 4 ¾ cents on the session. 

The NASS Crop Progress report showed the winter wheat crop 77% headed, 8% ahead of the average pace. Condition ratings were tallied at 48% gd/ex, down 1%, with the all-inclusive Brugler500 index down 2 to 331. Spring wheat was 88% planted, 7% above normal, with emergence at 61%, 9% faster than average.

The delayed Tuesday morning Export Inspections report showed 398,904 MT in all wheat shipments during the week of May 23. That was a 74.8% jump from the previous week and a 1.9% increase over the same week last year. Mexico was the largest destination of 121,915 MT, with 96,800 MT headed to the Philippines and 81,461 MT to Ta... 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
$2,420/2,200
First Notice Date
06/28/24 (30 days)
Expiration Date
07/12/24 (44 days)

Seasonal Chart

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

Commitment of Traders Positions as of May 21, 2024

View Chart Details
Commercials - Long / Short
25,704 (+885)
29,119 (+2,423)
Non-Commercials - Long / Short
12,731 (+422)
6,441 (-807)
Producers - Long / Short
21,824 (+907)
28,898 (+2,580)
Swap Dealers - Long / Short
3,786 (+203)
127 (+68)
Managed Money - Long / Short
10,145 (+601)
5,966 (-805)
Other Reportables - Long / Short
2,586 (-179)
475 (-2)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
697-2 +8.82%
on 05/06/24
767-6 -1.17%
on 05/28/24
+51-0 (+7.21%)
since 04/29/24
3-Month
635-0 +19.49%
on 04/03/24
767-6 -1.17%
on 05/28/24
+96-0 (+14.49%)
since 02/29/24
52-Week
635-0 +19.49%
on 04/03/24
919-0 -17.44%
on 07/25/23
-55-4 (-6.82%)
since 05/26/23

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Most Recent Stories

More News
Soybeans Pulled Lower By Meal Weakness

Soybeans came out of the holiday weekend with contracts 2 to 18 ½ cents in the red, led by the front months on bear spreading. Soymeal was leading the losses with contracts down $4 to 9.90/ton. Soy Oil...

ZMN24 : 377.1 (+0.13%)
ZLN24 : 45.63 (+0.24%)
ZSN24 : 1227-4 (-0.16%)
ZSPAUS.CM : 11.6931 (-1.56%)
ZSQ24 : 1226-6 (-0.18%)
ZSX24 : 1207-2 (-0.27%)
ZSPX24US.CM : 11.4875 (-0.76%)
Wheat Post Gains, But Far From Highs

The wheat complex jumped out of three-day weekend, but the morning session brought along some heaviness, with contracts pulling well off the overnight highs. Chicago contracts were steady to 3 cents in...

ZWN24 : 697-2 (-0.43%)
ZWU24 : 718-0 (-0.35%)
KEN24 : 726-0 (-0.72%)
KEU24 : 741-0 (-0.50%)
MWN24 : 758-6 (+0.17%)
Corn Closes Weaker, USDA shows Above Normal Planting Pace

Corn futures faded off the overnight strength, with contracts closing 1 ¾ to 3 cents in the red. Most contracts closed near the lows and 6-8 cents off the highs. The Tuesday afternoon Crop Progress report...

ZCN24 : 462-2 (-0.05%)
ZCPAUS.CM : 4.4233 (-0.15%)
ZCU24 : 471-2 (-0.05%)
ZCZ24 : 484-6 (-0.10%)
ZCPZ24US.CM : 4.5684 (-0.44%)
Grain Spreads: Wheat Worries

Downgrades Continue for Wheat

Crop Progress

Crop Progress - 2024-05-28

ZSN24 : 1227-4 (-0.16%)
ZSPAUS.CM : 11.6931 (-1.56%)
ZSBAUS.CM : -0.6018 (-0.05%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 4,167s (+0.26%)
XTN24 : 4,648s (-0.21%)
ZCN24 : 462-2 (-0.05%)
ZCPAUS.CM : 4.4233 (-0.15%)
ZCBAUS.CM : -0.2016 (+7.27%)
XVN24 : 2,451s (-0.08%)
XEU24 : 62.05 (-0.27%)
Soybeans Led Lower By Meal

Soybeans are coming out of the Memorial Day weekend, with midday losses of 9 to 18 ¼ cents. Soymeal is the leader to the downside, with losses of $9.70/ton in the July contract. Soy Oil is showing gains...

ZMN24 : 377.1 (+0.13%)
ZLN24 : 45.63 (+0.24%)
ZSN24 : 1227-4 (-0.16%)
ZSPAUS.CM : 11.6931 (-1.56%)
ZSQ24 : 1226-6 (-0.18%)
ZSX24 : 1207-2 (-0.27%)
ZSPX24US.CM : 11.4875 (-0.76%)
Corn Heading Lower After Gapping Higher

Corn futures started off with strength out of the Monday night open, but are fading lower on Tuesday. Midday action has prices down 4 to 5 cents so far. Export Inspections data showed 1.077 MMT (42.41...

ZCN24 : 462-2 (-0.05%)
ZCPAUS.CM : 4.4233 (-0.15%)
ZCU24 : 471-2 (-0.05%)
ZCZ24 : 484-6 (-0.10%)
ZCPZ24US.CM : 4.5684 (-0.44%)
Wheat Strength Fading into Midday

The wheat complex saw a sharply higher open out of the three-day weekend, but are well offhte highs at midday. Chicago contracts are trading with just 1 to 2 cent gains so far. Kansas City futures are...

ZWN24 : 697-2 (-0.43%)
ZWU24 : 718-0 (-0.35%)
KEN24 : 726-0 (-0.72%)
KEU24 : 741-0 (-0.50%)
MWN24 : 758-6 (+0.17%)
Grains Markets Gap Higher to Start the Week. Will the Strength Hold?

Grain markets gap higher in the overnight trade but sizzle in early morning Session.

Corn Gaps Higher on Monday Night, Now 1-2 Cents higher

Corn futures started off firmer on Monday night and are up 1 to 2 ½ cents in early Tuesday futures action. Corn closed mid-range on Friday, settling ¾ to 2 cents higher on the day. Preliminary open...

ZCN24 : 462-2 (-0.05%)
ZCPAUS.CM : 4.4233 (-0.15%)
ZCU24 : 471-2 (-0.05%)
ZCZ24 : 484-6 (-0.10%)
ZCPZ24US.CM : 4.5684 (-0.44%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 780-7
2nd Resistance Point 774-3
1st Resistance Point 765-7
Last Price 758-4
1st Support Level 750-7
2nd Support Level 744-3
3rd Support Level 735-7

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52-Week High 919-0
Fibonacci 61.8% 810-4
Fibonacci 50% 777-0
Last Price 758-4
Fibonacci 38.2% 743-4
52-Week Low 635-0

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