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Spring Wheat Mar '20 (MWH20)

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Spring Wheat Futures Market News and Commentary

Wheat Market Finishes Mixed on Monday

The winter wheats finished Monday’s session mostly lower, while MGE HRS wheat was 1 to 1 1/2 cents higher on the day. Chicago SRW wheat futures were 1/2 to 1 3/4 cents lower at the closing bell. Nearby KC wheat futures finished with losses of as much as 5 1/2 cents. The USDA’s weekly export inspections update pushed the MY accumulated wheat exports through 12/05 to 13.017 MMT. Following 313,810 MT of weekly shipments, accumulated exports aqre now 18% above last year. Mexico was the main destination with a 19.5% share of wheat exports this week, after them were Thailand and Japan with 17.53% and 17.41% respectively. Estimates for U.S. wheat carryover in the December 10 report range from 964 mbu to 1.05 bbu. Analysts expect for world wheat carryover to run 283.9 to 290 MMT, which on average is a 1.4 MMT reduction form the Nov. WASDE. World Grain estimates that Aussie wheat will be 5.6% lower than previous official estimates, they reported production estimate at 14.97 MMT. The Egyptian... 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
$1,755/1,350
First Notice Date
02/28/20 (81 days)
Expiration Date
03/13/20 (95 days)

Seasonal Chart

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

Commitment of Traders Positions as of Dec 3, 2019

View Chart Details
Commercials - Long / Short
35,220 (-958)
20,557 (-2,778)
Non-Commercials - Long / Short
8,839 (+384)
25,777 (+2,677)
Producers - Long / Short
34,436 (-953)
20,557 (-2,778)
Swap Dealers - Long / Short
784 (-5)
0 (unch)
Managed Money - Long / Short
1,839 (+421)
24,365 (+2,368)
Other Reportables - Long / Short
7,000 (-37)
1,412 (+309)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
506-0 +1.43%
on 11/25/19
537-6 -4.56%
on 11/12/19
-21-6 (-4.07%)
since 11/08/19
3-Month
506-0 +1.43%
on 11/25/19
571-2 -10.15%
on 10/17/19
+1-6 (+0.34%)
since 09/09/19
52-Week
500-2 +2.60%
on 09/03/19
622-0 -17.48%
on 12/17/18
-102-4 (-16.65%)
since 12/07/18

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Wheat Market Finishes Mixed on Monday

The winter wheats finished Monday’s session mostly lower, while MGE HRS wheat was 1 to 1 1/2 cents higher on the day. Chicago SRW wheat futures were 1/2 to 1 3/4 cents lower at the closing bell. Nearby...

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Daily Grain & Cotton Commentary

All eyes on tomorrows USDA report.

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 48% Sell with a Weakening short term outlook on maintaining the current direction.



Long term indicators mostly agree with the trend.

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Key Turning Points

2nd Resistance Point 519-1
1st Resistance Point 516-1
Last Price 513-2s
1st Support Level 511-1
2nd Support Level 509-1

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52-Week High 622-0
Fibonacci 61.8% 575-4
Fibonacci 50% 561-1
Fibonacci 38.2% 546-6
Last Price 513-2s
52-Week Low 500-2

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InsideFutures Commentary

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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