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Wheat Mar '23 (ZWH23)

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Wheat 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
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
02/28/23
Expiration Date
03/14/23 (expired)

Seasonal Chart

Wheat Mar '23
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of May 21, 2024

View Chart Details
Commercials - Long / Short
140,383 (-1,092)
120,650 (-6,666)
Non-Commercials - Long / Short
130,514 (-1,970)
143,036 (+5,137)
Producers - Long / Short
40,430 (-3,525)
93,137 (-5,288)
Swap Dealers - Long / Short
79,626 (+4,566)
7,186 (+755)
Managed Money - Long / Short
85,866 (+174)
112,555 (-3,098)
Other Reportables - Long / Short
44,648 (-2,144)
30,481 (+8,235)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
653-4 +5.05%
on 03/09/23
787-2 -12.80%
on 02/15/23
-99-4 (-12.66%)
since 02/14/23
3-Month
653-4 +5.05%
on 03/09/23
799-0 -14.08%
on 12/30/22
-62-6 (-8.38%)
since 12/14/22
52-Week
653-4 +5.05%
on 03/09/23
1273-2 -46.08%
on 05/17/22
-261-2 (-27.57%)
since 03/14/22

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ZWN24 : 697-2s (-0.11%)
KEN24 : 721-2s (+1.48%)
WEAT : 6.42 (+0.16%)
ZCU24 : 474-4s (+0.26%)
CORN : 20.72 (+0.44%)
ZSX24 : 1219-4s (+0.29%)
SOYB : 25.86 (+0.47%)
TAGS : 28.83 (+0.52%)
DBA : 24.67 (+0.16%)
CCN24 : 8,294s (+2.28%)
SBV24 : 18.39s (+0.66%)
CANE : 11.41 (+0.91%)
Corn 1 to 2 Cents Higher on Friday, July Up 12 1/4 for Week

Corn futures closed mid-range on Friday, settling ¾ to 2 cents higher on the day. For the week, July was up 12 ¼ and new crop December was up 11 3/4. The markets are closed for Memorial Day on Monday....

ZCN24 : 464-6s (+0.16%)
ZCPAUS.CM : 4.4299 (+0.40%)
ZCU24 : 474-4s (+0.26%)
ZCZ24 : 488-2s (+0.36%)
ZCPZ24US.CM : 4.5886 (+0.50%)
Soybeans Pulled Higher by Meal, Nearby July up 20 Cents for the Week

Soybeans settled 2 to 8 ¾ higher on Friday, with some bull spreading getting nearby July briefly above $12.50. Soymeal was a main reason for the strength, as front month contracts were up $6.70 to $9.80/ton....

ZMN24 : 386.5s (+2.60%)
ZLN24 : 44.95s (-0.53%)
ZSN24 : 1248-0s (+0.71%)
ZSPAUS.CM : 11.8780 (+0.74%)
ZSQ24 : 1245-0s (+0.59%)
ZSX24 : 1219-4s (+0.29%)
ZSPX24US.CM : 11.5758 (+0.27%)
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%)
KEU24 : 735-6s (+1.55%)
MWN24 : 752-6s (+1.18%)
Grain Spreads: Meal Plan

Soymeal Leads Complex

"Shootin' the Bull" about planting trees

Many of you already know Patrick Gottsch, founder and owner of RFD-TV, passed this week. Having been affiliated with the Market Day Report and Commodity Wrap, I was able to experience firsthand how important...

Corn Holding Fractional Gains on Friday

Corn futures are trading higher on Friday, with fractional to 1 cent gains so far at midday. Today will be the last trade session before a 3-day weekend, with the markets closed for Memorial Day on Monday....

ZCN24 : 464-6s (+0.16%)
ZCPAUS.CM : 4.4299 (+0.40%)
ZCU24 : 474-4s (+0.26%)
ZCZ24 : 488-2s (+0.36%)
ZCPZ24US.CM : 4.5886 (+0.50%)
Soybeans Being Pushed Higher by Meal Ahead of Long Weekend

Soybeans are trading 2 to 7 cents higher on Friday’s midday, as we get set to kick off a 3-day weekend. Soymeal is a main reason for the strength, as front months are up $6.20 to $8 at midday. Soy Oil...

ZMN24 : 386.5s (+2.60%)
ZLN24 : 44.95s (-0.53%)
ZSN24 : 1248-0s (+0.71%)
ZSPAUS.CM : 11.8780 (+0.74%)
ZSQ24 : 1245-0s (+0.59%)
ZSX24 : 1219-4s (+0.29%)
ZSPX24US.CM : 11.5758 (+0.27%)
Wheat Gaining Strength on Friday

The wheat complex is trading with mixed on Friday, as soft red contracts are lower and hard red contracts are higher. Chicago contracts are fractionally lower in the front month, with some back months...

ZWN24 : 697-2s (-0.11%)
ZWU24 : 717-4s (-0.07%)
KEN24 : 721-2s (+1.48%)
KEU24 : 735-6s (+1.55%)
MWN24 : 752-6s (+1.18%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 686-4
2nd Resistance Point 686-4
1st Resistance Point 686-4
Last Price 686-4s
1st Support Level 686-4
2nd Support Level 686-4
3rd Support Level 686-4

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52-Week High 1273-2
Fibonacci 61.8% 1036-4
Fibonacci 50% 963-3
Fibonacci 38.2% 890-2
Last Price 686-4s
52-Week Low 653-4

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