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Spring Wheat May '20 (MWK20)

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Spring Wheat Futures Market News and Commentary

Wheat Market Regaining Losses

After closing 5 to 11 cents lower on Thursday, wheat is trading 5 to 6 cents higher so far on Friday. SRW wheat futures are 6 1/2 cents higher in May, with May KC wheat back up by 6 3/4 cents. May Spring wheat futures are 5 1/4 cents higher. Weekly wheat export bookings were 72,900 MT (2.679 mbu). HRW wheat sales were 74% of the total, and white wheat was 52% of the week’s sales. There was a net of 24,934 MT of HRS wheat bookings canceled on the week. All wheat commitments for old crop were 1.89% higher yr/yr with 24.783 MMT. CENSUS data from February showed that US wheat exports were 80.25 mbu, which was 17% above Jan but down 3% from February 2019.

May 20 CBOT Wheat is at $5.48 1/4, up 6 1/2 cents,

May 20 KCBT Wheat is at $4.70 3/4, up 6 3/4 cents,

May 20 MGEX Wheat is at $5.24 1/4, up 5 1/4 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
$1,595/1,450
First Notice Date
04/30/20 (27 days)
Expiration Date
05/14/20 (41 days)

Seasonal Chart

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

Commitment of Traders Positions as of Mar 31, 2020

View Chart Details
Commercials - Long / Short
50,183 (+400)
45,744 (+2,158)
Non-Commercials - Long / Short
10,733 (+1,155)
18,490 (-1,984)
Producers - Long / Short
47,875 (+525)
45,744 (+2,158)
Swap Dealers - Long / Short
2,308 (-125)
0 (unch)
Managed Money - Long / Short
2,938 (+978)
16,383 (-1,884)
Other Reportables - Long / Short
7,795 (+177)
2,107 (-100)
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Price Performance

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Period Period Low Period High Performance
1-Month
503-0 +4.27%
on 03/16/20
542-4 -3.32%
on 03/27/20
-9-4 (-1.78%)
since 03/03/20
3-Month
503-0 +4.27%
on 03/16/20
576-0 -8.94%
on 01/22/20
-32-4 (-5.83%)
since 01/03/20
52-Week
503-0 +4.27%
on 03/16/20
608-4 -13.80%
on 06/13/19
-62-4 (-10.65%)
since 04/03/19

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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 fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 533-1
1st Resistance Point 528-7
Last Price 524-4s
1st Support Level 518-5
2nd Support Level 512-5

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52-Week High 608-4
Fibonacci 61.8% 568-2
Fibonacci 50% 555-6
Fibonacci 38.2% 543-2
Last Price 524-4s
52-Week Low 503-0

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