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Hard Red Wheat May '24 (KEK24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Bulls Get Spooked on Thursday

Wheat closed out the Halloween session, with losses across the three exchanges. Chicago SRW futures were down 2 3/4 to 5 1/4 cents on the day. KC HRW contracts were 5 1/2 to 8 1/4 cents lower across the board. MPLS spring wheat was 4 ½ to 5 ¾ cents in the red to close out the session. 

Forecasts continue to call for precipitation in much of HRW and SRW country over the next week, easing some drought concerns. 

The weekly Export Sales report from FAS showed all wheat bookings totaling 411,424 MT. That was a 5-week low and on the lower end of  the 300,000 and 600,000 MT estimates. Mexico was the largest buyer of 169,600 MT, with the Philippines purchasing 79,500 MT.

Algeria purchased an estimated 480,000 MT of wheat in their latest tender on Thursday, likely sourced from the Black Sea region. The European Commission trimmed their 2024/25 EU wheat production figure by 2 MMT to 112.6 MMT. They also cut their ending stocks projection by 1.3 MMT to 10.4 MMT. 

Dec 2... 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
$2,090/1,900
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 Oct 22, 2024

View Chart Details
Commercials - Long / Short
110,676 (+8,890)
109,091 (+5,723)
Non-Commercials - Long / Short
61,005 (-425)
56,885 (+1,398)
Producers - Long / Short
33,691 (+3,063)
92,159 (+3,617)
Swap Dealers - Long / Short
66,530 (+2,847)
6,477 (-874)
Managed Money - Long / Short
39,552 (-1,143)
45,549 (-1,728)
Other Reportables - Long / Short
21,453 (+718)
11,336 (+3,126)
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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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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