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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Succumbs to Pre-Weekend Profit Taking

All three wheat futures markets were lower on Friday, giving back some of the big Wednesday gains as July options went off the board. The wheat market had rallied at a double digit pace on Wednesday, as shorts were busy covering their large positions amid heat and dryness concerns in Europe and wet weather delays in Kansas. The profit taking was fairly uniform, with CBT wheat down 5 ½ to 7 cents, KC HRW down 6 ¼ to 8, and MPLS spring wheat down 2 ½ to 7 ½. 

USDA Export Sales data from this morning showed 427,170 MT of wheat sales for the 2025/26 marketing year in the week of June 12, compared to trade estimates of 300,000 MT to 600,000 MT. That was improved from the previous week, but 27.56% less than the same week last year. 

The past couple days have seen drier weather in parts of the Southern Plains, with the forecast calling for very little precip, excluding parts of northwest KS. There was very little harvest activity on a run from Wichita through Abilene and up int... 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
$1,815/1,650
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 Jun 10, 2025

View Chart Details
Commercials - Long / Short
168,704 (-14,286)
75,131 (-12,081)
Non-Commercials - Long / Short
108,768 (-3,493)
202,631 (-6,704)
Producers - Long / Short
85,777 (-3,721)
52,436 (-2,497)
Swap Dealers - Long / Short
67,989 (-461)
7,757 (+520)
Managed Money - Long / Short
78,641 (-2,307)
166,310 (-9,181)
Other Reportables - Long / Short
30,127 (-1,186)
36,321 (+2,477)
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

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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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