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Spring Wheat Jul '23 (MWN23)
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Spring Wheat Futures Market News and Commentary

Wheat Back to Sliding Lower So Far

The wheat market is currently back in the red after a bounce on Tuesday. CBT SRW futures are 5 to 6 ¼ cents in the red. KC HRW is trading down by as much as 1.6% through midday. MGE HRS futures are down 7 to 10 ½ cents at midday. 

Ukraine’s Ag Ministry reported 2.99m HA for winter grains. That included 1.7m HA of winter wheat - +58% from last year. 

Interfax reported Russian grain exports at 17.7 MMT for the MY through 9/21, which includes 13.5 MMT of wheat.  Ukraine’s current wheat production estimate is 21.7 MMT, a bit below the 22.5 MMT USDA is using. 

Dec 23 CBOT Wheat  is at $5.62, down 6 1/2 cents,

Mar 24 CBOT Wheat  is at $5.90 1/2, down 7 1/4 cents,

Cash SRW Wheat  is at $4.78, down 6 1/2 cents,

Dec 23 KCBT Wheat  is at $6.70 3/4, down 12 1/2 cents,

Cash HRW Wheat  is at $6.09 7/8, down 11 1/2 cents,

Dec 23 MGEX Wheat  is at $7.13 3/4, down 11 3/4 cents,

On the date of publication, Alan Brugler did not have (either directly... 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
$3,300/3,000
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 Sep 26, 2023

View Chart Details
Commercials - Long / Short
40,848 (+747)
28,023 (-862)
Non-Commercials - Long / Short
9,666 (+306)
22,496 (+1,026)
Producers - Long / Short
38,639 (+718)
27,372 (-587)
Swap Dealers - Long / Short
2,203 (+29)
645 (-275)
Managed Money - Long / Short
5,962 (+835)
21,619 (+1,315)
Other Reportables - Long / Short
3,704 (-529)
877 (-289)
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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ZWZ23 : 560-0s (-1.50%)
ZWH24 : 589-0s (-1.46%)
ZWPAES.CM : 4.7606 (-1.75%)
KEZ23 : 666-4s (-2.45%)
KEPAWS.CM : 6.0402 (-2.63%)
MWZ23 : 711-6s (-1.90%)

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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