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Hard Red Wheat Jul '23 (KEN23)
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Hard Red Wheat Futures Market News and Commentary

Wheat Futures Rally on Friday

July SRW wheat saw a wide 20 cent range on Friday from -8 to +12 cents. At the close the board was 8 to 9 cents higher with July at a net 3c gain for the week. Front month HRW futures ended the session 9 1/2 to 9 3/4 cents higher which left July at a net 7c loss for the week. Spring wheat also rallied on Friday to limit the week’s net loss. Futures settled up by 12 to 18 3/4 cents on the day, with July down a net 10 1/4 cents for the week. 

CFTC’s weekly CoT update had CBT wheat spec traders at a 126,998 contract net short on 5/30. That was an 8,210 contract stronger net short through the week. The funds were shown closing longs in KC wheat through the week, that left the group at a 9,628 contract net long. MPLS spec traders were 7,703 contracts net short on 5/30. That was a 1,301 contract stronger net short also fueled by long liquidation. 

The weekly wheat export sales report had old crop cancelations of 210k MT. That was a MY low led by 8.2k MT sold to Thailand and 41... Read more

Contract Specifications

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Contract
KC 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
KCBT
Point Value
$50
Margin/Maintenance
$3,080/2,800
First Notice Date
06/30/23 (26 days)
Expiration Date
07/14/23 (40 days)

Seasonal Chart

Hard Red Wheat Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of May 30, 2023

View Chart Details
Commercials - Long / Short
83,065 (+6,941)
80,359 (-739)
Non-Commercials - Long / Short
43,890 (-5,378)
40,550 (+1,524)
Producers - Long / Short
37,035 (+4,549)
65,637 (-1,737)
Swap Dealers - Long / Short
38,943 (+1,382)
7,635 (-12)
Managed Money - Long / Short
36,770 (-3,701)
27,957 (+1,986)
Other Reportables - Long / Short
7,120 (-1,677)
12,593 (-462)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
737-4 +10.14%
on 05/03/23
918-6 -11.59%
on 05/17/23
+72-0 (+9.73%)
since 05/02/23
3-Month
736-2 +10.32%
on 05/02/23
918-6 -11.59%
on 05/17/23
-5-0 (-0.61%)
since 03/02/23
52-Week
736-2 +10.32%
on 05/02/23
1148-4 -29.28%
on 06/06/22
-295-2 (-26.66%)
since 06/02/22

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Wheat Futures Rally on Friday

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ZWN23 : 619-0s (+1.35%)
ZWU23 : 632-2s (+1.28%)
ZWPAES.CM : 5.6821 (+1.57%)
KEN23 : 812-2s (+1.21%)
KEPAWS.CM : 7.7344 (+1.10%)
MWN23 : 807-6s (+2.38%)
Soymeal Missed Out on Friday Rally

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Livestock Report

Cattle and Hogs rock

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 855-7
2nd Resistance Point 836-3
1st Resistance Point 824-3
Last Price 812-2s
1st Support Level 792-7
2nd Support Level 773-3
3rd Support Level 761-3

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52-Week High 1148-4
Fibonacci 61.8% 991-0
Fibonacci 50% 942-3
Fibonacci 38.2% 893-6
Last Price 812-2s
52-Week Low 736-2

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