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Spring Wheat Mar '24 (MWH24)
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Spring Wheat Futures Market News and Commentary

Wheat Flips Net Lower for the Week

Friday’s double digit selloff flipped the week’s move to net lower across the U.S. wheat futures. Chicago prices were down by 17 to 18 ½ cents on the day. That left May SRW at a net 15c loss for the week. KC wheat futures weakened by 3.2% to 3.9% by Friday’s close, ending 1 ½ cents under last Friday. Spring wheat futures were also double digits lower on the last trade day of the week as May closed a net 3c in the red wk/wk. 

CoT data showed managed money funds were closing shorts and adding longs in SRW, reducing their net short by 12k contracts to 56k contracts as of 2/27. The funds were still 42k contracts net short in KC wheat after adding near equal positions to both sides during the week. CFTC data showed spec traders were 1,801 contracts more net short in MGE wheat for the week now at 25,968 contracts. 

Russia’s SovEcon has Feb wheat shipments at 3.8 MMT, which is up from 3 MMT last season. The 23/24 total was forecasted at 48.6 MMT, which is below USDA’s 51 MMT fo... 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
$2,750/2,500
First Notice Date
02/29/24
Expiration Date
03/14/24 (11 days)

Seasonal Chart

Spring Wheat Mar '24
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Feb 27, 2024

View Chart Details
Commercials - Long / Short
38,809 (-382)
13,752 (-2,934)
Non-Commercials - Long / Short
9,153 (-1,803)
34,127 (+480)
Producers - Long / Short
37,140 (+231)
12,902 (-3,010)
Swap Dealers - Long / Short
1,448 (-654)
629 (+35)
Managed Money - Long / Short
6,358 (-698)
32,411 (+1,073)
Other Reportables - Long / Short
2,795 (-1,105)
1,716 (-593)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
636-2 +1.89%
on 02/26/24
706-6 -8.28%
on 02/02/24
-47-6 (-6.86%)
since 02/01/24
3-Month
636-2 +1.89%
on 02/26/24
747-6 -13.31%
on 12/06/23
-82-0 (-11.23%)
since 12/01/23
52-Week
636-2 +1.89%
on 02/26/24
958-0 -32.33%
on 07/25/23
-213-4 (-24.78%)
since 03/01/23

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Strong Signal Strength.

Key Turning Points

3rd Resistance Point 679-1
2nd Resistance Point 672-7
1st Resistance Point 660-5
Last Price 648-2s
1st Support Level 642-1
2nd Support Level 635-7
3rd Support Level 623-5

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52-Week High 958-0
Fibonacci 61.8% 835-1
Fibonacci 50% 797-1
Fibonacci 38.2% 759-1
Last Price 648-2s
52-Week Low 636-2

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