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Spring Wheat Jul '23 (MWN23)

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Spring Wheat Futures Market News and Commentary

Wheat Lower at Midday

The wheat market is showing continued weakness so far at midday. Chicago SRW futures are slipping on Wednesday, with contracts down 4 to 5 cents. Kansas City HRW contracts are showing 1 to 3 cent losses in the nearby contracts at midday. MPLS spring wheat is trading with fractional to 2 cent losses across the front months. 

The next week looks wet for much of SRW country, mainly coming in the weekend to early next week, with main HRW precip limited to parts of central/southern TX.

NASS will report the Mach 1 Grain Stocks data next Monday, with a Bloomberg survey of traders looking for 1.221 bbu of wheat on hand on average. The range is from 1.169 to 1.26 bbu for the March 1 total. 

Japan is tendering for 119,847 MT of wheat in their weekly ministry of ag tender, due on Thursday and 59,751 MT US specific.

May 25 CBOT Wheat  closed at $5.39, down 4 1/4 cents,

Jul 25 CBOT Wheat  closed at $5.54 3/4, down 5 cents,

May 25 KCBT Wheat  closed at $5.68 1/... 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
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

Spring Wheat Jul '23
Average Price Chart for 5 Prior Jul 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
802-0 +4.61%
on 06/30/23
891-0 -5.84%
on 06/22/23
+29-6 (+3.68%)
since 06/14/23
3-Month
769-0 +9.10%
on 05/03/23
895-2 -6.28%
on 04/18/23
-34-2 (-3.92%)
since 04/14/23
52-Week
769-0 +9.10%
on 05/03/23
1025-6 -18.21%
on 10/10/22
-104-0 (-11.03%)
since 07/14/22

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Wheat Lower at Midday

The wheat market is showing continued weakness so far at midday. Chicago SRW futures are slipping on Wednesday, with contracts down 4 to 5 cents. Kansas City HRW contracts are showing 1 to 3 cent losses...

KEN25 : 579-2s (-0.94%)
MWK25 : 585-2s (-0.55%)
KEK25 : 565-0s (-0.75%)
ZWK25 : 535-2s (-1.47%)
ZWN25 : 551-0s (-1.56%)
Corn Weaker at Midday

Corn futures are showing 2 to 3 cent losses in most contracts at Wednesday’s midday. The CmdtyView national average Cash Corn price is down 2 ¼ cents at $4.21 ½. The weekly EIA report showed ethanol...

ZCZ25 : 444-4s (-1.00%)
ZCPAUS.CM : 4.1689 (-1.40%)
ZCPZ25US.CM : 4.0934 (-1.20%)
ZCK25 : 451-2s (-1.42%)
ZCN25 : 459-0s (-1.34%)
Soybeans Higher at Wednesday’s Midday

The soybean market is trading with 3 to 5 cent gains as Wednesday’s midday. CmdtyView’s national front month Cash Bean price is up 4 1/4 cents at $9.46 1/4. Soymeal futures are 50 cents/ton lower...

ZSPX25US.CM : 9.4428 (+0.05%)
ZLK25 : 42.64s (+0.80%)
ZMK25 : 293.6s (-0.51%)
ZSPAUS.CM : 9.4150 (-0.04%)
ZSK25 : 1001-0s (-0.07%)
ZSX25 : 1006-6s (+0.02%)
ZSN25 : 1015-0s (-0.05%)
Looking to Buy July Corn Futures Ahead of Growing Season? Here Are the Levels to Watch.

The corn futures market has held up surprisingly well given concerns over heightened U.S. trade tensions.

ZCN25 : 459-0s (-1.34%)
Wheat Extends Weakness on Black Sea Pressure

Wheat futures are continuing to slide lower so far on Wednesday morning. The complex was under pressure on Tuesday. Chicago SRW futures were down 5 to 6 cents in the front months. Tuesday’s preliminary...

KEN25 : 579-2s (-0.94%)
MWK25 : 585-2s (-0.55%)
KEK25 : 565-0s (-0.75%)
ZWK25 : 535-2s (-1.47%)
ZWN25 : 551-0s (-1.56%)
Corn Mixed to Kick Off the Midweek Session

Corn price action is mixed to start Wednesday trade. Futures ended the Tuesday session down 2 to 7 cents across the nearbys, as pressure came from wheat and some calming Black Sea tensions. Preliminary...

ZCZ25 : 444-4s (-1.00%)
ZCPAUS.CM : 4.1689 (-1.40%)
ZCPZ25US.CM : 4.0934 (-1.20%)
ZCK25 : 451-2s (-1.42%)
ZCN25 : 459-0s (-1.34%)
Soybeans Sneaking Gains to Start Wednesday

The soybean market is showing slight strength on Wednesday morning. Soybeans were mixed at the Tuesday close, with front months down 4 to 6 cents and some new crop contracts firm. Preliminary open interest...

ZSPX25US.CM : 9.4428 (+0.05%)
ZLK25 : 42.64s (+0.80%)
ZMK25 : 293.6s (-0.51%)
ZSPAUS.CM : 9.4150 (-0.04%)
ZSK25 : 1001-0s (-0.07%)
ZSX25 : 1006-6s (+0.02%)
ZSN25 : 1015-0s (-0.05%)
Wheat Extends Weakness on Black Sea Pressure

The wheat complex was under pressure on Tuesday. Chicago SRW futures were down 5 to 6 cents in the front months. Kansas City HRW contracts closed 8 to 9 cents in the red on the day. MPLS spring wheat was...

KEN25 : 579-2s (-0.94%)
MWK25 : 585-2s (-0.55%)
KEK25 : 565-0s (-0.75%)
ZWK25 : 535-2s (-1.47%)
ZWN25 : 551-0s (-1.56%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 839-0
2nd Resistance Point 839-0
1st Resistance Point 839-0
Last Price 839-0s
1st Support Level 839-0
2nd Support Level 839-0
3rd Support Level 839-0

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52-Week High 1025-6
Fibonacci 61.8% 927-5
Fibonacci 50% 897-3
Fibonacci 38.2% 867-1
Last Price 839-0s
52-Week Low 769-0

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