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Spring Wheat Mar '21 (MWH21)

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Spring Wheat Futures Market News and Commentary

Wheat Closed Double Digits in Red

The wheat complex fell in the broad grain selloff ahead of the weekend. CBT SRW futures weakened 3.56% to 3.97% on the day. KC HRW wheat futures were down 3.25% to 3.54% at the close. MPLS HRS futures ended the day 3.08% to 3.58% lower. USDA’s Export Sales report showed 329,647 MT of wheat booked on the week ending 1/14. That was on the low end of expectations and down 52% yr/yr. The week’s shipments were 264,007 MT which was a 6 week low. New crop wheat sales are estimated to be below 50,000 MT for the week ending 1/14. The CoT report noted new spec buying for SRW over the week ending 1/19. Managed money was 3,631 contracts more net long to 20,618. For KC wheat, short covering left managed money 58,093 contracts net long as of 1/19. In HRS wheat, managed money was 1,525 contracts more net long at 13,322.

Mar 21 CBOT Wheat closed at $6.34 1/2, down 26 1/4 cents,Mar 21 KCBT Wheat closed at $6.13 1/4, down 22 1/2 cents,Mar 21 MGEX Wheat closed at $6.12 1/2, down 22 3/4 cent... Read more

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
$1,820/1,400
First Notice Date
02/26/21 (33 days)
Expiration Date
03/12/21 (47 days)

Seasonal Chart

Spring Wheat Mar '21
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Jan 19, 2021

View Chart Details
Commercials - Long / Short
42,467 (+4,648)
65,882 (+6,944)
Non-Commercials - Long / Short
26,911 (+344)
8,695 (-1,579)
Producers - Long / Short
38,257 (+4,605)
65,407 (+6,981)
Swap Dealers - Long / Short
4,084 (-2)
349 (-82)
Managed Money - Long / Short
17,860 (-172)
4,538 (-1,697)
Other Reportables - Long / Short
9,051 (+516)
4,157 (+118)
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Price Performance

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Period Period Low Period High Performance
1-Month
567-2 +7.98%
on 12/23/20
653-4 -6.27%
on 01/19/21
+41-0 (+7.17%)
since 12/22/20
3-Month
542-4 +12.90%
on 12/09/20
653-4 -6.27%
on 01/19/21
+29-6 (+5.11%)
since 10/22/20
52-Week
520-2 +17.73%
on 08/12/20
653-4 -6.27%
on 01/19/21
+11-4 (+1.91%)
since 01/22/20

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Long in the tooth

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 651-1
2nd Resistance Point 642-7
1st Resistance Point 627-5
Last Price 612-4s
1st Support Level 604-1
2nd Support Level 595-7
3rd Support Level 580-5

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52-Week High 653-4
Last Price 612-4s
Fibonacci 61.8% 602-5
Fibonacci 50% 586-7
Fibonacci 38.2% 571-1
52-Week Low 520-2

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