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Spring Wheat May '24 (MWK24)

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Spring Wheat Futures Market News and Commentary

Wheat Heads Home Higher on Friday

The wheat complex posted Friday gains across the board. Chicago contracts were up 2 to 4 1/2 cents, with Kansas City HRW futures 6 to 8 1/2 cents higher. MPLS was up 2 to 5 ¾ cents at the close for the week.

French soft wheat conditions were rated at 64% gd/ex as of 4/8, a 1% decline from the week prior according to the FanceAgriMer. Last year’s soft wheat ratings were 94% gd/ex, with the current data the lowest for the current week since 2020. Russia’s ag ministry raised their wheat export tax by 1.3% to 3,276.6 roubles/MT (95 cents/bu) as of April 17 through April 23. 

Spec funds in CBT wheat futures and options cut 5,376 contracts from their net short as of 4/9, taking it to 86,568 contracts. In KC wheat, they were adding 4,137 contracts to their net short, at 44,611 contracts on that Tuesday. 

May 24 CBOT Wheat  closed at $5.56, up 4 1/4 cents,

Jul 24 CBOT Wheat  closed at $5.70 3/4, up 4 1/2 cents,

May 24 KCBT Wheat  closed at $5.89 3/4, up 6 1/2 c... 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
04/30/24 (15 days)
Expiration Date
05/14/24 (29 days)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 9, 2024

View Chart Details
Commercials - Long / Short
41,961 (-2,034)
17,251 (+1,161)
Non-Commercials - Long / Short
11,193 (+1,966)
35,878 (-486)
Producers - Long / Short
38,916 (-1,763)
16,627 (+1,637)
Swap Dealers - Long / Short
2,544 (-109)
123 (-314)
Managed Money - Long / Short
7,924 (+1,500)
35,074 (+79)
Other Reportables - Long / Short
3,269 (+466)
804 (-565)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
625-2 +2.08%
on 04/03/24
668-4 -4.53%
on 03/25/24
-8-2 (-1.28%)
since 03/15/24
3-Month
625-2 +2.08%
on 04/03/24
715-2 -10.77%
on 01/25/24
-70-4 (-9.95%)
since 01/12/24
52-Week
625-2 +2.08%
on 04/03/24
941-4 -32.21%
on 07/25/23
-222-2 (-25.83%)
since 04/14/23

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Wheat Heads Home Higher on Friday

The wheat complex posted Friday gains across the board. Chicago contracts were up 2 to 4 1/2 cents, with Kansas City HRW futures 6 to 8 1/2 cents higher. MPLS was up 2 to 5 ¾ cents at the close for the...

ZWK24 : 547-6 (-1.48%)
ZWN24 : 563-2 (-1.31%)
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MWK24 : 638-2 (-0.70%)
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The Barchart Trading Guide is a Sell Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 660-4
2nd Resistance Point 652-6
1st Resistance Point 647-6
Last Price 638-4
1st Support Level 635-0
2nd Support Level 627-2
3rd Support Level 622-2

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52-Week High 941-4
Fibonacci 61.8% 820-6
Fibonacci 50% 783-3
Fibonacci 38.2% 746-0
Last Price 638-4
52-Week Low 625-2

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