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Wheat Sep '24 (ZWU24)

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Wheat Futures Market News and Commentary

Wheat Still Riding the Down Escalator

Wheat futures are as much as 20 cents per bushel lower across the 3 US markets. French Milling Wheat Futures kicked off the bear parade overnight and were down for the 6th consecutive session. Chicago July futures have closed lower for 9 consecutive sessions. CBT wheat was down 17 ¾ to 20 cents today.  KC HRW settled 22 to 23 cents lower.  MPLS spring wheat futures were down 17 to 19 ¼ cents. 

This morning’s Export Inspections report showed US wheat shipments of 352,202 MT for the first week of the new marketing year.

For Wednesday’s USDA Crop Production report, the average trade estimate for All Wheat in a Reuters survey was 1.88 billion bushels.  That would be up from 1.858 billion in the USDA May report. Trade ideas for wheat ending stocks are UNCH for old crop at 688 million and 778 million for new crop. 

A limited sample of traders expected USDA would show winter wheat harvest 12% completed. That was spot on, with NASS at 12%, The bias was for a slight contra-... 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
$2,310/2,100
First Notice Date
08/30/24 (81 days)
Expiration Date
09/13/24 (95 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jun 4, 2024

View Chart Details
Commercials - Long / Short
163,904 (+9,657)
138,359 (+5,320)
Non-Commercials - Long / Short
121,898 (-5,687)
140,019 (-1,959)
Producers - Long / Short
59,028 (+10,320)
103,020 (+2,794)
Swap Dealers - Long / Short
76,836 (-4,171)
7,299 (-982)
Managed Money - Long / Short
76,557 (-4,350)
112,757 (+428)
Other Reportables - Long / Short
45,341 (-1,337)
27,262 (-2,387)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
628-6 +0.87%
on 06/11/24
739-2 -14.20%
on 05/28/24
-48-2 (-7.07%)
since 05/10/24
3-Month
558-0 +13.66%
on 03/15/24
739-2 -14.20%
on 05/28/24
+59-2 (+10.30%)
since 03/11/24
52-Week
550-0 +15.32%
on 03/06/24
796-2 -20.35%
on 07/25/23
-61-6 (-8.87%)
since 06/09/23

More Wheat Quotes

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CANE : 11.39 (-1.16%)
SBN24 : 18.63s (-1.95%)
SBV24 : 18.59s (-1.54%)
SWQ24 : 544.20s (-1.64%)
SWV24 : 527.20s (-1.22%)
Wheat Still Riding the Down Escalator

Wheat futures are as much as 20 cents per bushel lower across the 3 US markets. French Milling Wheat Futures kicked off the bear parade overnight and were down for the 6th consecutive session. Chicago...

MLU24 : 239.00s (-1.95%)
ZWN24 : 610-4 (+0.49%)
ZWU24 : 634-0 (+0.52%)
KEN24 : 647-0 (+0.50%)
KEU24 : 659-6 (+0.50%)
MWN24 : 682-4 (+1.07%)
Corn Futures Closed Higher on Monday, Condition Ratings Slightly Lower

The corn market settled 1 to 3 cents higher on Monday, cautiously awaiting the weekly crop progress and conditions report, and positioning for Wednesday’s WASDE estimates. Trade ideas for this afternoon’s...

ZCN24 : 452-6 (+0.22%)
ZCPAUS.CM : 4.3433 (+0.75%)
ZCU24 : 457-0 (+0.16%)
ZCZ24 : 469-2 (+0.21%)
ZCPZ24US.CM : 4.3929 (+0.25%)
Soybean Futures Close Higher on Firm Meal, Recovery in BO

Soybeans settled ½ to 9 cents higher on the first market day of the week. July worked higher throughout the day, while new crop November saw some profit taking in the last 50 minutes of the trading session....

ZMN24 : 369.3 (+0.35%)
ZLN24 : 43.32 (-0.78%)
ZSN24 : 1185-6 (-0.21%)
ZSPAUS.CM : 11.3075 (+0.81%)
ZSQ24 : 1179-6 (-0.25%)
ZSX24 : 1157-6 (-0.09%)
ZSPX24US.CM : 10.9665 (+0.11%)
Cattle Markets Surge

Strong rally to start week

Shootin' the Bull about divergence.

I don't think the corn belt classic brought the stupendous prices most expected.  The futures big gains and seemingly none in the cash markets leads me to believe that simply some divergence took place...

Corn and Soybeans Firm While Wheat Retreats. Crop Condition Ratings Were Just Released.

Corn and soybeans were firm to start the week but wheat futures continued to slide lower marking the ninth consecutive day of losses, the longest streak since 2015.

Crop Progress

Crop Progress - 2024-06-10

ZSN24 : 1185-6 (-0.21%)
ZSPAUS.CM : 11.3075 (+0.81%)
ZSBAUS.CM : -0.5750 (+0.17%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 4,055s (+1.25%)
XTN24 : 4,651s (+0.30%)
ZCN24 : 452-6 (+0.22%)
ZCPAUS.CM : 4.3433 (+0.75%)
ZCBAUS.CM : -0.1741 (+1.42%)
XVU24 : 2,483s (+0.85%)
XEU24 : 62.38 (-0.11%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 661-5
2nd Resistance Point 654-7
1st Resistance Point 642-7
Last Price 634-0
1st Support Level 624-1
2nd Support Level 617-3
3rd Support Level 605-3

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52-Week High 796-2
Fibonacci 61.8% 702-1
Fibonacci 50% 673-1
Fibonacci 38.2% 644-1
Last Price 634-0
52-Week Low 550-0

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