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Wheat Jul '24 (ZWN24)

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Wheat Futures Market News and Commentary

Wheat Bulls Start Week Off With a Bang

Wheat prices were up sharply on Monday night, as the old market axiom “Wheat takes no prisoners” appears to still be in effect. They have backed off the overnight gains in attempt to fill the gap left at the open. The wheat complex went home 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 y... 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
06/28/24 (31 days)
Expiration Date
07/12/24 (45 days)

Seasonal Chart

Wheat Jul '24
Average Price Chart for 5 Prior Jul 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
593-4 +18.32%
on 05/01/24
720-0 -2.47%
on 05/28/24
+80-0 (+12.86%)
since 04/26/24
3-Month
537-6 +30.59%
on 03/11/24
720-0 -2.47%
on 05/28/24
+123-6 (+21.39%)
since 02/28/24
52-Week
537-6 +30.59%
on 03/11/24
799-0 -12.11%
on 07/25/23
+29-2 (+4.35%)
since 05/26/23

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Wheat Bulls Start Week Off With a Bang

Wheat prices were up sharply on Monday night, as the old market axiom “Wheat takes no prisoners” appears to still be in effect. They have backed off the overnight gains in attempt to fill the gap left...

ZWN24 : 701-0 (+0.54%)
ZWU24 : 721-2 (+0.52%)
KEN24 : 731-4 (+1.42%)
KEU24 : 745-2 (+1.29%)
MWN24 : 758-2 (+0.73%)
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The European spring crop outlook is marked by contrasting conditions, with significant delays in planting across western and northern Europe, while favorable weather has allowed for a smooth sowing campaign...

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Grains Analysis & Why You Need Fibonacci

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

ZCN24 : 461-6 (-0.65%)
ZWN24 : 701-0 (+0.54%)
ZSN24 : 1229-6 (-1.46%)
Grain rally continues, but key resistance nears

May Cattle-on-feed lowest in 4 years

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 722-7
2nd Resistance Point 714-3
1st Resistance Point 705-7
Last Price 700-6
1st Support Level 688-7
2nd Support Level 680-3
3rd Support Level 671-7

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52-Week High 799-0
Last Price 700-6
Fibonacci 61.8% 699-2
Fibonacci 50% 668-3
Fibonacci 38.2% 637-4
52-Week Low 537-6

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