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Spring Wheat Mar '20 (MWH20)

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Spring Wheat Futures Market News and Commentary

Wheat Markets 2 to 3 Lower

Wheat futures are currently 2 to 3 cents lower across all three US markets. Wheat was mixed on Monday. Chicago SRW futures closed with the biggest drops, as futures were 3/4 to 2 1/4 cents lower on Monday. KC HRW futures were firm to mostly higher on Monday, albeit gains were limited to 3/4 cents per bushel. MPLS spring wheat was fractionally lower, with the deferred contracts posting gains of 1/4 to 1 1/4. USDA’s weekly export inspections report showed wheat exports were 223,994 MT for the week ending 01/23. That is down both yr/yr and wk/wk, by 39.07% and 56.62% respectively. MYTD US shipments were at 16.224 MMT vs. 14.384 MMT a year ago. MYTD shipments for the EU were 15.94 MMT, which is 68.86% ahead of last year’s pace. Russian FOB prices have climbed to $231-232 per metric tonne, and the shipping pace is slower than year ago.

--- provided by Brugler Marketing & Management

Contract Specifications

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Contract
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
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$1,560/1,200
First Notice Date
02/28/20 (31 days)
Expiration Date
03/13/20 (45 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jan 21, 2020

View Chart Details
Commercials - Long / Short
35,870 (+1,150)
38,523 (+2,401)
Non-Commercials - Long / Short
10,649 (-254)
8,865 (-310)
Producers - Long / Short
33,924 (+1,035)
38,523 (+2,401)
Swap Dealers - Long / Short
1,946 (+115)
0 (unch)
Managed Money - Long / Short
4,343 (-433)
8,018 (-273)
Other Reportables - Long / Short
6,306 (+179)
847 (-37)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
540-0 +0.28%
on 01/27/20
567-6 -4.62%
on 01/22/20
-12-0 (-2.17%)
since 12/27/19
3-Month
506-0 +7.02%
on 11/25/19
567-6 -4.62%
on 01/22/20
-1-0 (-0.18%)
since 10/28/19
52-Week
500-2 +8.25%
on 09/03/19
611-6 -11.48%
on 01/31/19
-66-0 (-10.86%)
since 01/28/19

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% Sell with a Average short term outlook on maintaining the current direction.

The market is approaching oversold territory. Be watchful of a trend reversal.

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Key Turning Points

2nd Resistance Point 554-1
1st Resistance Point 550-5
Last Price 542-0
1st Support Level 541-7
2nd Support Level 536-5

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52-Week High 611-6
Fibonacci 61.8% 569-1
Fibonacci 50% 556-0
Fibonacci 38.2% 542-7
Last Price 542-0
52-Week Low 500-2

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