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Spring Wheat May '24 (MWK24)

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Spring Wheat Futures Market News and Commentary

Wheat Starting the Week with Losses

The wheat complex is trading with losses across the three markets at midday.  Chicago SRW futures are down 8 to 9 cents in the front months on Monday. Kansas City HRW contracts are 8 to 9 cents in the red so far on the day. MPLS spring wheat is 6 to 7 cents lower at midday.

This morning’s Export Inspections report from FGIS showed a total of 484,701 MT (17.81 mbu) of wheat shipped in the week that ended on March 20. That was down 2.11% from the previous week but 12% above the same week last year. Of that total, 85,183 MT was headed to the Philippines, with 71,933 MT destined for Mexico. Marketing year shipments have totaled 16.854 MMT (619.3 mbu) since June 1, 2024, which is 17.99% above the same period last year. 

The Friday afternoon Commitment of Traders data from CFTC showed speculators in Chicago wheat adding 3,256 contracts to their net short as of Tuesday to 80,668 contracts. In KC, they were trimming that large net short by 2,059 contracts to 46,663 contracts by... 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
MIAX
Point Value
$50
Margin/Maintenance
$1,870/1,700
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Mar 18, 2025

View Chart Details
Commercials - Long / Short
44,672 (-1,581)
27,690 (+3,306)
Non-Commercials - Long / Short
20,800 (+4,782)
38,572 (-565)
Producers - Long / Short
40,448 (-1,128)
27,645 (+3,509)
Swap Dealers - Long / Short
4,179 (-415)
0 (-165)
Managed Money - Long / Short
14,578 (+4,302)
37,144 (+1,226)
Other Reportables - Long / Short
6,222 (+480)
1,428 (-1,791)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
632-6 +15.25%
on 04/17/24
745-0 -2.11%
on 05/13/24
+86-4 (+13.46%)
since 04/12/24
3-Month
625-2 +16.63%
on 04/03/24
745-0 -2.11%
on 05/13/24
+65-4 (+9.87%)
since 02/14/24
52-Week
625-2 +16.63%
on 04/03/24
941-4 -22.54%
on 07/25/23
-119-4 (-14.08%)
since 05/12/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 729-2
2nd Resistance Point 729-2
1st Resistance Point 729-2
Last Price 729-2s
1st Support Level 729-2
2nd Support Level 729-2
3rd Support Level 729-2

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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 729-2s
52-Week Low 625-2

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