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Hard Red Wheat May '24 (KEK24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Leads the Grain Rally on Friday

The wheat complex rallied across all three markets on Friday, to lead the grain complex. Chicago SRW futures posted 15 to 19 ½ cent gains on Friday, with May up 11 ¼ cents. KC HRW futures were 17 to 21 ¼ cents in the green, as May was still down 4 ¾ cents this week. MPLS spring wheat was 8 to 15 3/4 cents higher in most contracts, with May up 12 ¾ cents. Short covering was noted to close out February.

Commitments of Traders data from Friday indicated managed money slashing 50,740 contracts from their net short position in CBT wheat as of Tuesday, taking it to 17,297 contracts. That is the smallest that position has been since October 2022. Spec funds in KC wheat held their first net long position since August 2023, flipping it by 14,813 contracts to a net long of 4,204 contracts.

Weekly Export Sales for the week of 2/19 has the export commitment total at 22.998 MMT, 14% ahead of the same period last year. That is 94% of USDA’s export estimate and slightly behind the 96%... Read more

Contract Specifications

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Contract
Hard 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
$1,760/1,600
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

Hard Red Wheat May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Feb 24, 2026

View Chart Details
Commercials - Long / Short
115,791 (-8,182)
121,531 (+9,565)
Non-Commercials - Long / Short
93,424 (+9,097)
85,158 (-6,332)
Producers - Long / Short
27,989 (-10,776)
110,874 (+9,314)
Swap Dealers - Long / Short
80,647 (+2,881)
3,502 (+538)
Managed Money - Long / Short
75,041 (+6,649)
68,741 (-10,746)
Other Reportables - Long / Short
18,383 (+2,448)
16,417 (+4,414)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
572-2 +26.52%
on 04/18/24
724-0 unch
on 05/14/24
+134-2 (+22.76%)
since 04/12/24
3-Month
551-4 +31.28%
on 03/06/24
724-0 unch
on 05/14/24
+140-0 (+23.97%)
since 02/14/24
52-Week
551-4 +31.28%
on 03/06/24
918-0 -21.13%
on 07/25/23
-101-4 (-12.30%)
since 05/12/23

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Most Recent Stories

More News
Wheat Leads the Grain Rally on Friday

The wheat complex rallied across all three markets on Friday, to lead the grain complex. Chicago SRW futures posted 15 to 19 ½ cent gains on Friday, with May up 11 ¼ cents. KC HRW futures were 17 to...

KEK26 : 580-4s (+3.25%)
KEH26 : 572-6s (+3.85%)
MWH26 : 5.9925s (+2.70%)
ZWH26 : 591-2s (+3.41%)
ZWK26 : 591-4s (+2.96%)
Soybeans Finds Late Strength to Post Gains on Friday

Soybeans posted Friday gains of 6 to 10 cents in the nearby contracts, as May was up 17 ½ cents on the week. November was up 13 ¼ cents on the week. The cmdtyView national average Cash Bean price was...

ZSPAUS.CM : 10.9306 (+0.86%)
ZLK26 : 61.85s (+0.15%)
ZMK26 : 320.5s (-0.12%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1157-2s (+0.83%)
ZSK26 : 1170-6s (+0.62%)
Corn Posts Friday Rally to Close February

Corn futures posted gains of 4 to 5 ½ cents across the front months on Friday, as May managed an 8 ¾ cent gain this week. The CmdtyView national averageCash Corn price was up 5 3/4 cents to $4.06 1/4....

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 448-4s (+1.13%)
ZCH26 : 438-6s (+1.27%)
ZCPAUS.CM : 4.0632 (+1.46%)
Grain Spreads: Lock in 4.80 Corn

Old Crop Hedge Idea

Shootin' the Bull about doing such a great job, everyone wants to join in

Lastly, cattlemen have bid inventory to levels that have encouraged other producers, outside of the US, to increase production capabilities.

Agricultural Prices

Agricultural Prices - 2026-02-27

KGK26 : 0.6561s (+0.38%)
ZSK26 : 1170-6s (+0.62%)
KIH26 : 296.00s (unch)
XBM26 : 197.25s (+2.33%)
KOK26 : 4,042s (+0.92%)
SWK26 : 407.70s (-0.05%)
ZSBAUS.CM : -0.6418 (-0.19%)
ZOK26 : 319-6s (+0.24%)
BJG26 : 1.4330s (unch)
ZMK26 : 320.5s (-0.12%)
MLK26 : 201.50s (+1.90%)
ZCK26 : 448-4s (+1.13%)
Wheat Rallying on Friday

The wheat complex is rallying across all three markets on Thursday. Chicago SRW futures are 18 to 21 cents higher on Friday. KC HRW futures are trading 18 to 19 cents higher across most contracts. MPLS...

KEK26 : 580-4s (+3.25%)
KEH26 : 572-6s (+3.85%)
MWH26 : 5.9925s (+2.70%)
ZWH26 : 591-2s (+3.41%)
ZWK26 : 591-4s (+2.96%)
Soybeans Posting Friday Gains to Round Out February

Soybeans are posting 5 to 6 cent gains in the nearby contracts on Friday. There were 138 deliveries issue against March soybean futures overnight. The cmdtyView national average Cash Bean price is up 5...

ZSPAUS.CM : 10.9306 (+0.86%)
ZLK26 : 61.85s (+0.15%)
ZMK26 : 320.5s (-0.12%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1157-2s (+0.83%)
ZSK26 : 1170-6s (+0.62%)
Corn Rallying on Friday

Corn futures are trading with gains of 5 to 6 cents in the front months on Friday. First notice day showed just 9 deliveries overnight all issued by the Bunge house account. The CmdtyView national average...

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 448-4s (+1.13%)
ZCH26 : 438-6s (+1.27%)
ZCPAUS.CM : 4.0632 (+1.46%)
Grain Markets Look to Round Out the Week on a High Note

Grain markets have had an impressive week and are on the verge of ending the week on a high note. Is the Spring rally getting started?

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 724-0
2nd Resistance Point 724-0
1st Resistance Point 724-0
Last Price 724-0s
1st Support Level 724-0
2nd Support Level 724-0
3rd Support Level 724-0

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52-Week High 918-0
Fibonacci 61.8% 778-0
Fibonacci 50% 734-6
Last Price 724-0s
Fibonacci 38.2% 691-4
52-Week Low 551-4

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