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Spring Wheat Jul '21 (MWN21)

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Spring Wheat Futures Market News and Commentary

Wheat Still Higher at Midday

Despite pulling off the overnight highs by 15-20 cents across some contracts, the wheat complex is still in the green on Friday. Chicago contracts are leading the way, with 9 to 10 cent gains in the front months. MPLS is next in line, with 5 to 7 cent gains. Kansas City contracts are bringing up the rear with gains of 2 to 4 cents. 

An update by the International Grains Council showed a slightly lower world production total for 24/25 at 798 MMT. The carryout for new crop is 259 MMT, down 3, with the 23/24 ending stocks figure at 264 MMT.

SovEcon’s projection for their Russian production total was down 1 MMT on Friday from the March estimate at 93 MMT. On Friday, Russia’s Ag Ministry announce they were raising the Russian wheat export tax by 6.4% to 3,443 ruble/MT (~$1/bu).

May 24 CBOT Wheat  is at $5.46, up 9 1/4 cents,

Jul 24 CBOT Wheat  is at $5.62 1/4, up 9 1/4 cents,

May 24 KCBT Wheat  is at $5.78 1/2, up 1 1/4 cents,

Jul 24 KCBT Wheat  is at... 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
06/30/21
Expiration Date
07/14/21 (expired)

Seasonal Chart

Spring Wheat Jul '21
Average Price Chart for 5 Prior Jul 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
734-6 +20.04%
on 06/15/21
882-0 unch
on 07/14/21
+135-4 (+18.15%)
since 06/14/21
3-Month
664-2 +32.78%
on 04/15/21
882-0 unch
on 07/14/21
+213-0 (+31.84%)
since 04/14/21
52-Week
540-4 +63.18%
on 08/12/20
882-0 unch
on 07/14/21
+321-0 (+57.22%)
since 07/14/20

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Wheat Greening Up On Friday

The wheat markets are trading higher this morning with Chicago and MPLS putting in a joint effort to lead the way, up 5 to 7 cents. KC is steady to 2 cents higher. They put together some buyers on Thursday,...

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MWK24 : 647-2 (+1.33%)
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ZCK24 : 433-4s (+1.58%)
ZWK24 : 550-2s (+2.52%)
ZWN24 : 566-6s (+2.49%)
Wheat Rounds Out Thursday with Gains

The wheat markets put together some strength on Thursday, as contracts were mostly higher. Chicago was the weakest, with nearby May closing down ¼, but other contracts up ¾ to 2 ¼ cents. Kansas City...

ZWK24 : 550-2s (+2.52%)
ZWN24 : 566-6s (+2.49%)
KEK24 : 581-4s (+0.74%)
KEN24 : 583-0s (+1.35%)
MWK24 : 647-2 (+1.33%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 882-0
2nd Resistance Point 882-0
1st Resistance Point 882-0
Last Price 882-0s
1st Support Level 882-0
2nd Support Level 882-0
3rd Support Level 882-0

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52-Week High 882-0
Last Price 882-0s
Fibonacci 61.8% 751-4
Fibonacci 50% 711-2
Fibonacci 38.2% 671-0
52-Week Low 540-4

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