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Spring Wheat Mar '18 (MWH18)

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Spring Wheat Futures Market News and Commentary

Wheat Market News and Commentary

Wheat futures are mostly 2 to 4 cents higher across the three markets this morning, with SRW the strongest. They closed the Tuesday session with most contracts 1 to 4 cents lower. Japan’s Ministry of Ag is back with their weekly tender of 111,961 MT of wheat from Australia, Canada, and the US. The results are due on Thursday, with 52,971 MT sought from the US. Ukrainian exports of wheat are seen at 15.5 MMT according to an estimate from APK-Inform on Tuesday. USDA’s most recent estimate was 16.5 MMT. As of 1/11, Russian FOB prices were $12.80/ton above US SRW prices at the Gulf. That should help US wheat to look more attractive internationally, though a stronger dollar did not help on Tuesday.--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) CST
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$1,560/1,200
First Notice Date
02/28/18
Expiration Date
03/14/18 (expired)

Seasonal Chart

Spring Wheat Mar '18
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Dec 18, 2018

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Commercials - Long / Short
31,857 (+617)
27,387 (+2,105)
Non-Commercials - Long / Short
13,604 (-470)
18,823 (-2,013)
Producers - Long / Short
29,975 (+515)
27,387 (+2,112)
Swap Dealers - Long / Short
1,882 (+109)
0 (unch)
Managed Money - Long / Short
8,215 (-463)
11,255 (-3,571)
Other Reportables - Long / Short
5,389 (-7)
7,568 (+1,558)
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Price Performance

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Period Period Low Period High Performance
1-Month
592-4 +5.19%
on 02/26/18
636-0 -2.00%
on 03/14/18
+23-0 (+3.83%)
since 02/14/18
3-Month
592-4 +5.19%
on 02/26/18
636-0 -2.00%
on 03/14/18
+6-2 (+1.01%)
since 12/14/17
52-Week
555-0 +12.30%
on 04/11/17
816-0 -23.62%
on 07/05/17
+55-2 (+9.73%)
since 03/14/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 40% Buy with a Weakening short term outlook on maintaining the current direction.

Longer term, the trend strength is Average. Long term indicators mostly agree with the trend.

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

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Key Turning Points

2nd Resistance Point 640-2
1st Resistance Point 631-6
Last Price 623-2s
1st Support Level 619-0
2nd Support Level 614-6

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52-Week High 816-0
Fibonacci 61.8% 716-2
Fibonacci 50% 685-4
Fibonacci 38.2% 654-6
Last Price 623-2s
52-Week Low 555-0

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