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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Well Off Session Highs at Midday

The wheat complex is fading the early double digit gains with losses reported at midday. Chicago contracts are down 5 to 6 cents in the front months.  Kansas City futures are down 5 to 7 cents at the midday print. MPLS spring wheat futures are down 4 to 6 cents.

The first day of the HRW Wheat Quality Tour showed an average yield of 49.9 bpa. That is well above the 29.8 from last year and higher than the prior 3-year average of 42.8 bpa. The tour also estimates the NE crop at 48 bpa, with production totaling 40.8 mbu, as CO yield was seen at 44 bpa and 72 mbu for production. Day 2 of the tour overs more the drought stricken areas in western KS.

Weekly Export Sales data is expected to show net reductions of 100,000 to net sales of 100,000 MT for the 23/24 MY. New crop bookings are expected to total between 300,000 MT and 600,000 MT. 

Russia’s SovEcon cut their wheat production estimate by another 3.9 MMT to 85.7 MMT.

Sep 24 CBOT Wheat  is at $6.88 1/2, down 4 3... Read more

Contract Specifications

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Contract
Chicago Soft 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
CBOT
Point Value
$50
Margin/Maintenance
$2,200/2,000
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
135,193 (+2,429)
108,188 (+7,986)
Non-Commercials - Long / Short
122,686 (+1,797)
140,471 (-4,874)
Producers - Long / Short
43,305 (-386)
79,154 (+5,762)
Swap Dealers - Long / Short
70,250 (+546)
7,396 (-45)
Managed Money - Long / Short
79,301 (+805)
123,848 (-4,277)
Other Reportables - Long / Short
43,385 (+992)
16,623 (-597)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
534-2 +22.98%
on 04/18/24
671-0 -2.09%
on 05/13/24
+101-0 (+18.17%)
since 04/12/24
3-Month
523-4 +25.50%
on 03/11/24
671-0 -2.09%
on 05/13/24
+74-0 (+12.69%)
since 02/14/24
52-Week
523-4 +25.50%
on 03/11/24
808-6 -18.76%
on 07/25/23
-25-4 (-3.74%)
since 05/12/23

More Wheat Quotes

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Wheat Well Off Session Highs at Midday

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ZWU24 : 685-4 (-1.12%)
KEN24 : 674-6 (-1.24%)
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ZWN24 : 665-0 (-1.12%)
ZWU24 : 685-4 (-1.12%)
KEN24 : 674-6 (-1.24%)
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MWN24 : 726-4 (-0.92%)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 657-0
2nd Resistance Point 657-0
1st Resistance Point 657-0
Last Price 657-0s
1st Support Level 657-0
2nd Support Level 657-0
3rd Support Level 657-0

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52-Week High 808-6
Fibonacci 61.8% 699-6
Fibonacci 50% 666-1
Last Price 657-0s
Fibonacci 38.2% 632-4
52-Week Low 523-4

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