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Spring Wheat Dec '19 (MWZ19)

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Spring Wheat Futures Market News and Commentary

Decent Export Inspections Prop up Wheat

Wheat is regaining most of yesterday’s losses, with Kansas City HRW futures leading the way with double digit gains at midday. Traders had drastically underestimated weekly wheat export inspections, as the 528,875 MT were well above the expected range of 250-350,000 MT. Wheat export inspections are 44.42% higher than the week ending 10/31, and were 33.03% higher than the same week last year. The MY accumulated export inspections for wheat are up to 421.07 mbu, which is 79 mbu above last year’s pace. The Crop Progress report is delayed by the holiday until later this afternoon. Canadian wheat harvest continues to drag on, with Alberta reporting 89.5% complete. They were 95% done a year ago at this time.

DEC 19 CBOT Wheat is at $5.13 3/4, up 8 cents,

DEC 19 KCBT Wheat is at $4.32 3/4, up 10 cents,

DEC 19 MGEX Wheat is at $5.19, up 3 3/4 cents

-- 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
$1,755/1,350
First Notice Date
11/29/19 (17 days)
Expiration Date
12/13/19 (31 days)

Seasonal Chart

Spring Wheat Dec '19
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Nov 5, 2019

View Chart Details
Commercials - Long / Short
39,810 (+101)
34,930 (-556)
Non-Commercials - Long / Short
7,212 (-559)
10,561 (-616)
Producers - Long / Short
38,565 (+432)
34,327 (-495)
Swap Dealers - Long / Short
741 (-270)
99 (unch)
Managed Money - Long / Short
791 (-323)
9,440 (-640)
Other Reportables - Long / Short
6,421 (-236)
1,121 (+24)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
515-0 +1.31%
on 11/12/19
558-0 -6.50%
on 10/17/19
-26-2 (-4.79%)
since 10/11/19
3-Month
486-4 +7.25%
on 09/03/19
559-0 -6.66%
on 09/26/19
-0-2 (-0.05%)
since 08/12/19
52-Week
486-4 +7.25%
on 09/03/19
620-0 -15.85%
on 11/13/18
-98-4 (-15.88%)
since 11/12/18

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 64% Sell with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Soft. Long term indicators fully support a continuation of the trend.

The market is in highly oversold territory. Beware of a trend reversal.

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Key Turning Points

2nd Resistance Point 527-5
1st Resistance Point 524-5
Last Price 521-6s
1st Support Level 516-7
2nd Support Level 512-1

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52-Week High 620-0
Fibonacci 61.8% 569-0
Fibonacci 50% 553-2
Fibonacci 38.2% 537-4
Last Price 521-6s
52-Week Low 486-4

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InsideFutures Commentary

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