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Spring Wheat Jul '23 (MWN23)

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Spring Wheat Futures Market News and Commentary

Wheat Turning Back Lower on Wednesday

The wheat complex is trading with double digit midday losses on Wednesday. Chicago contracts are down 10 to 12 cents in the front months. Midday losses in the Kansas City exchange are 13 to 16 cents. MPLS futures are 13 to 15 cents lower on the session.

The NASS Crop Progress report showed the winter wheat crop 77% headed, 8% ahead of the average pace. Condition ratings were tallied at 48% gd/ex, down 1%, with the all-inclusive Brugler500 index down 2 to 331. A breakdown but crop shows an average of 328 for the HRW crop, down 3 points, with the SRW dropping 6 points to 375, while white wheat regions were up 2 points to 350. Spring wheat was 88% planted, 7% above normal, with emergence at 61%, 9% faster than average. Each of the states were above average on planting.

India is expected to lift the 40% wheat import tax this year to help alleviate higher prices and sure up drawdown reserves.

Jul 24 CBOT Wheat  is at $6.89, down 11 1/4 cents,

Sep 24 CBOT Wheat  is... 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
$2,420/2,200
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 May 21, 2024

View Chart Details
Commercials - Long / Short
25,704 (+885)
29,119 (+2,423)
Non-Commercials - Long / Short
12,731 (+422)
6,441 (-807)
Producers - Long / Short
21,824 (+907)
28,898 (+2,580)
Swap Dealers - Long / Short
3,786 (+203)
127 (+68)
Managed Money - Long / Short
10,145 (+601)
5,966 (-805)
Other Reportables - Long / Short
2,586 (-179)
475 (-2)
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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Most Recent Stories

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Pure Hedge - Livestock and Grain

India To Buy Wheat - Bird Flu Detected In Four US States

Corn Falling at Midday

Corn are posting sharp losses on Wednesday, with midday losses of 6 to 7 cents across most of the front months. The Tuesday afternoon Crop Progress report showed the US corn crop at 83% planted as of Sunday,...

ZCN24 : 455-2s (-1.57%)
ZCPAUS.CM : 4.3554 (-1.54%)
ZCU24 : 465-0s (-1.38%)
ZCZ24 : 478-6s (-1.34%)
ZCPZ24US.CM : 4.5039 (-1.41%)
Wheat Turning Back Lower on Wednesday

The wheat complex is trading with double digit midday losses on Wednesday. Chicago contracts are down 10 to 12 cents in the front months. Midday losses in the Kansas City exchange are 13 to 16 cents. MPLS...

ZWN24 : 692-6s (-1.07%)
ZWU24 : 713-6s (-0.94%)
KEN24 : 719-6s (-1.57%)
KEU24 : 733-6s (-1.48%)
MWN24 : 752-0s (-0.73%)
Soybeans Beans Heading Lower on Wednesday

Soybeans are trading 13 to 15 cents lower across the nearbys on Wednesday, feeling another round of pressure from meal and faster planting pace. Soymeal is down another $7.30 to $7.40/ton in the front...

ZMN24 : 369.1s (-1.99%)
ZLN24 : 45.88s (+0.79%)
ZSN24 : 1214-0s (-1.26%)
ZSPAUS.CM : 11.5433 (-1.28%)
ZSQ24 : 1213-6s (-1.24%)
ZSX24 : 1196-6s (-1.14%)
ZSPX24US.CM : 11.3492 (-1.20%)
Wheat Elliott Wave Analysis shows Bullish Sequence

Hello traders. Let's dive into the Wheat Elliott wave analysis, focusing on the bullish sequence that began in March 2024. We'll revisit our traders' last opportunity and explore the next one.

Is The Top In?

Grain futures prices slide lower in the early morning trade. Is a “seasonal top” coming in early this year?

Corn Slipping Lower on Wednesday Morning

Corn is starting off the Wednesday session with contracts following through with the Tuesday weakness, down 2 to 3 cents. Futures failed to hold early post holiday gains, closing 1 ¾ to 3 cents lower...

ZCN24 : 455-2s (-1.57%)
ZCPAUS.CM : 4.3554 (-1.54%)
ZCU24 : 465-0s (-1.38%)
ZCZ24 : 478-6s (-1.34%)
ZCPZ24US.CM : 4.5039 (-1.41%)
Soybeans Weaker on Wednesday Morning As Planting Pace Progresses

Soybeans are trading 8 to 9 cents lower on your Wednesday morning. They came out of the holiday weekend with contracts 2 to 18 ½ cents in the red, led by the front months on bear spreading. Soymeal was...

ZMN24 : 369.1s (-1.99%)
ZLN24 : 45.88s (+0.79%)
ZSN24 : 1214-0s (-1.26%)
ZSPAUS.CM : 11.5433 (-1.28%)
ZSQ24 : 1213-6s (-1.24%)
ZSX24 : 1196-6s (-1.14%)
ZSPX24US.CM : 11.3492 (-1.20%)
Wheat Pulling Back on Wednesday

Wheat futures are posting weakness to begin the Wednesday session. Prices are down 5 to 11 cents across the three exchanges. The wheat complex jumped out of three-day weekend, but the morning brought along...

ZWN24 : 692-6s (-1.07%)
ZWU24 : 713-6s (-0.94%)
KEN24 : 719-6s (-1.57%)
KEU24 : 733-6s (-1.48%)
MWN24 : 752-0s (-0.73%)
Soybeans Pulled Lower By Meal Weakness

Soybeans came out of the holiday weekend with contracts 2 to 18 ½ cents in the red, led by the front months on bear spreading. Soymeal was leading the losses with contracts down $4 to 9.90/ton. Soy Oil...

ZMN24 : 369.1s (-1.99%)
ZLN24 : 45.88s (+0.79%)
ZSN24 : 1214-0s (-1.26%)
ZSPAUS.CM : 11.5433 (-1.28%)
ZSQ24 : 1213-6s (-1.24%)
ZSX24 : 1196-6s (-1.14%)
ZSPX24US.CM : 11.3492 (-1.20%)

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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