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Spring Wheat May '21 (MWK21)

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Spring Wheat Futures Market News and Commentary

Wheat Rallying to Round out Strong Week

Wheat bulls are continuing to push the shorts out on Friday, as contracts are up across much of the board. Kansas City continues to lead the way, with gains of 10 to 13 cents at midday. Chicago futures are trading with 4 to 5 cent gains across the front months. MPLS spring wheat is firm to 5 ¼ cents higher on Friday.

Thursday’s Drought Monitor showed 17.01% of Kansas is now in D2 (severe) drought, up 10.03% from the previous week. Of the whole state, 97.87% is covered in some sort of abnormal dryness. D1-D4 (moderate to severe) drought has also expanded to 35.54% in OK, up 8.84% on the week. IN Texas, D2 (severe) drought was up 3.07% to 11.32%, with 2.05% listed at D3. 

Crop conditions in France were also getting worse, with FranceAgriMer pegging the durum wheat crop at 67% gd/ex, down 3%, and the soft wheat crop at 63% a 1% drop on the week.

May 24 CBOT Wheat  is at $6.06 3/4, up 4 1/2 cents,

Jul 24 CBOT Wheat  is at $6.25 1/2, up 5 cents,

May 24 KCBT... 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
04/30/21
Expiration Date
05/14/21 (expired)

Seasonal Chart

Spring Wheat May '21
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
35,504 (-4,014)
13,870 (-1,846)
Non-Commercials - Long / Short
12,240 (+940)
34,158 (-534)
Producers - Long / Short
32,579 (-4,030)
13,655 (-1,518)
Swap Dealers - Long / Short
2,710 (+31)
N/A (-313)
Managed Money - Long / Short
8,852 (+318)
33,442 (-703)
Other Reportables - Long / Short
3,388 (+622)
716 (+169)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
656-4 +13.52%
on 04/15/21
789-0 -5.54%
on 05/07/21
+84-2 (+12.75%)
since 04/14/21
3-Month
596-2 +24.99%
on 04/01/21
789-0 -5.54%
on 05/07/21
+119-2 (+19.05%)
since 02/12/21
52-Week
530-2 +40.55%
on 08/12/20
789-0 -5.54%
on 05/07/21
+190-4 (+34.34%)
since 05/14/20

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Wheat Rallying to Round out Strong Week

Wheat bulls are continuing to push the shorts out on Friday, as contracts are up across much of the board. Kansas City continues to lead the way, with gains of 10 to 13 cents at midday. Chicago futures...

ZWK24 : 603-2s (+0.17%)
ZWN24 : 622-2s (+0.28%)
KEK24 : 646-2s (+2.25%)
KEN24 : 654-2s (+2.15%)
MWK24 : 697-2s (+0.90%)
Soybeans Hesitant to Head Higher on Planting Delays

Soybeans are trading with fractional to 3 ¼ cent losses across the nearby contracts on Friday. Soymeal is down $2.30 in the nearby May contract. Soy Oil is showing some strength, up 15 points for May....

ZMN24 : 344.7s (-0.83%)
ZLN24 : 45.54s (+0.24%)
ZSK24 : 1159-4s (-0.28%)
ZSPAUS.CM : 11.0865 (-0.21%)
ZSN24 : 1177-2s (-0.21%)
ZSX24 : 1174-6s (-0.06%)
ZSPX24US.CM : 11.1419 (-0.09%)
Corn Sneaking Higher into the Weekend

Midday action in the corn market has futures showed fractional to 1 cent gains across the front months. Some spillover support form wheat could be attributed to the gains. Rains over the next few days...

ZCK24 : 440-0s (-0.23%)
ZCPAUS.CM : 4.2540 (-0.15%)
ZCN24 : 450-0s (-0.44%)
ZCZ24 : 473-4s (-0.58%)
ZCPZ24US.CM : 4.4242 (-0.60%)
Soybeans Starting Out Lower

Soybeans are trading 5 to 7 cents lower after a round of overnight trade. They rallied off the early midday losses by 10-13 cents on Thursday to close with front months down 1 to 3 ¼ cents and the September...

ZMN24 : 344.7s (-0.83%)
ZLN24 : 45.54s (+0.24%)
ZSK24 : 1159-4s (-0.28%)
ZSPAUS.CM : 11.0865 (-0.21%)
ZSN24 : 1177-2s (-0.21%)
ZSX24 : 1174-6s (-0.06%)
ZSPX24US.CM : 11.1419 (-0.09%)
Wheat Mixed After Overnight Trade

The wheat complex is mixed to begin your Friday morning, with KC showing some slight gains. They extended the bulls winning streak on Thursday. MPLS led the way this time, up 7 to 12 cents, with Kansas...

ZWK24 : 603-2s (+0.17%)
ZWN24 : 622-2s (+0.28%)
KEK24 : 646-2s (+2.25%)
KEN24 : 654-2s (+2.15%)
MWK24 : 697-2s (+0.90%)
Corn Showing Slight Losses on Friday Morning

Overnight trade has corn prices slightly lower this morning. Corn finished Thursday with contracts up 1 ¾ to 5 cents across the board. Futures were helped out by spillover support from wheat and positive...

ZCK24 : 440-0s (-0.23%)
ZCPAUS.CM : 4.2540 (-0.15%)
ZCN24 : 450-0s (-0.44%)
ZCZ24 : 473-4s (-0.58%)
ZCPZ24US.CM : 4.4242 (-0.60%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 745-2
2nd Resistance Point 745-2
1st Resistance Point 745-2
Last Price 745-2s
1st Support Level 745-2
2nd Support Level 745-2
3rd Support Level 745-2

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52-Week High 789-0
Last Price 745-2s
Fibonacci 61.8% 690-1
Fibonacci 50% 659-5
Fibonacci 38.2% 629-1
52-Week Low 530-2

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