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Spring Wheat May '20 (MWK20)

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Spring Wheat Futures Market News and Commentary

Wheat Market Down at Midday

The Wednesday wheat markets are double digits lower for midday, with winter wheats down the most. Chicago is 17 3/4 cents lower so far, KC wheat is 17 1/2 cents weaker in May, and MPLS Spring wheat is down by 13 1/2 cents. Wheat planting intentions for the 2020/21 crop are 44.655 MA. That is down 503,000 acres from last year. March 1 wheat stocks were 181 mbu below last year, with the USDA Grain Stocks report showing 1.412 bbu. Algeria purchased 250,000 MT of wheat in an international tender for May-June delivery from unknown sources. Tunisia purchased 75,000 MT of wheat from unknown sources in their international tender.

May 20 CBOT Wheat is at $5.51, down 17 3/4 cents,

May 20 KCBT Wheat is at $4.75 1/2, down 17 1/2 cents,

May 20 MGEX Wheat is at $5.25 3/4, down 13 1/2 cents,

--- provided by Brugler Marketing & Management

Contract Specifications

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Hard Red Spring 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. - 1:30p.m. (Sun-Fri) (Settles 1:30p.m.) CST
Point Value
First Notice Date
04/30/20 (29 days)
Expiration Date
05/14/20 (43 days)

Seasonal Chart

Spring Wheat May '20
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Mar 24, 2020

View Chart Details
Commercials - Long / Short
49,783 (+2,990)
43,586 (+7,287)
Non-Commercials - Long / Short
9,578 (+942)
20,474 (-2,502)
Producers - Long / Short
47,350 (+3,069)
43,586 (+7,287)
Swap Dealers - Long / Short
2,433 (-79)
0 (unch)
Managed Money - Long / Short
1,960 (+380)
18,267 (-3,252)
Other Reportables - Long / Short
7,618 (+562)
2,207 (+750)
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Price Performance

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Period Period Low Period High Performance
503-0 +4.27%
on 03/16/20
542-4 -3.32%
on 03/27/20
-3-0 (-0.57%)
since 02/28/20
503-0 +4.27%
on 03/16/20
576-0 -8.94%
on 01/22/20
-45-6 (-8.02%)
since 12/31/19
503-0 +4.27%
on 03/16/20
608-4 -13.80%
on 06/13/19
-69-4 (-11.70%)
since 04/01/19

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 32% Sell with a Strengthening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 545-6
1st Resistance Point 542-4
Last Price 524-4s
1st Support Level 533-4
2nd Support Level 527-6

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52-Week High 608-4
Fibonacci 61.8% 568-2
Fibonacci 50% 555-6
Fibonacci 38.2% 543-2
Last Price 524-4s
52-Week Low 503-0

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