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Wheat Pit May '24 (WK24)

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Wheat (Pit) Futures Market News and Commentary

Wheat Still Strong Heading Into Holiday Weekend

The wheat complex went home with mixed on Friday, as profit taking ahead of the Memorial Day weekend nudged the July and September CBT contracts into negative territory. Everything else was up. Chicago settled ¾ lower to 2 higher. Kansas City futures were up 8 ½ to 11 ¼ going home. MPLS spring wheat contracts gained 7 ¼ to 10 ¼ cents from Thursday to Friday, with nearby July up a stout 5.8% for the week.  

Total wheat (and products) shipped and unshipped sales are now at 97% of USDA’s forecasted total, with just a couple weeks left in the MY. The average pace is for 105% in commitments by now, though actual Census shipping data is running well ahead. Looking ahead towards new crop, FAS data has 3.49 MMT in forward sales, which is 58% above the same point compared to last year.

Friday’s Commitment of Traders report indicated spec traders in Chicago wheat cutting another 3,658 contracts from their net short position to 24,593 contracts by May 21, the smallest since October... Read more

Contract Specifications

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Contract
Chicago Soft Red Winter Wheat [Pit]
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 per contract)
Trading Hours
8:30a.m. - 1:15p.m. CST
Exchange
CBOT
Point Value
$50
Expiration Date
05/14/24 (expired)

Seasonal Chart

Wheat Pit May '24
Average Price Chart for 5 Prior Pit Contracts
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
528-4 +3.45%
on 03/15/24
584-2 -6.42%
on 02/27/24
-31-2 (-5.41%)
since 02/21/24
3-Month
528-4 +3.45%
on 03/15/24
646-2 -15.40%
on 12/26/23
-77-2 (-12.38%)
since 12/21/23
52-Week
528-4 +3.45%
on 03/15/24
797-6 -31.46%
on 07/25/23
-183-0 (-25.08%)
since 03/21/23

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Wheat Still Strong Heading Into Holiday Weekend

The wheat complex went home with mixed on Friday, as profit taking ahead of the Memorial Day weekend nudged the July and September CBT contracts into negative territory. Everything else was up. Chicago...

ZWN24 : 697-2s (-0.11%)
ZWU24 : 717-4s (-0.07%)
KEN24 : 721-2s (+1.48%)
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MWN24 : 752-6s (+1.18%)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 546-6
2nd Resistance Point 546-6
1st Resistance Point 546-6
Last Price 546-6s
1st Support Level 546-6
2nd Support Level 546-6
3rd Support Level 546-6

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52-Week High 797-6
Fibonacci 61.8% 694-7
Fibonacci 50% 663-1
Fibonacci 38.2% 631-3
Last Price 546-6s
52-Week Low 528-4

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