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Spring Wheat Jul '23 (MWN23)

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Spring Wheat Futures Market News and Commentary

Wheat Falls as USDA Hikes Supply Estimates

The wheat complex posted Friday losses to close the week. CBT soft red wheat futures were down 8 to 11 cents on Friday, as December saw a ½ cent loss this week. KC HRW futures were 10 to 12 cents in the red at the close, with December 4 cents lower since last Friday. MPLS spring wheat futures were down 5 to 7 cents on Friday, as December held onto a weekly gains of 6 ¾ cents.

USDA showed US ending stocks for 2025/26 another 57 mbu higher to 901 mbu, That mainly came as production was increased by 58 mbu to 1.985 bbu as we found in the Small Grains Summary on September 30.  The demand side of the balance sheet was left unchanged.

World ending stocks were 7.37 MMT higher, taking the total to 271.43 MMT. That came as world production was up 12.69 MMT to 828.89 MMT, with Argentina (+2.5 MMT), Australia (+1.5 MMT), Canada (+1 MMT), Russia (1.5 MMT), the US all seeing an increase.  

Daily Export Sales announcements from USDA were released this morning from the backlog th... Read more

Contract Specifications

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Contract
Hard Red Spring Wheat
Contract Size
5,000 bushels
Tick Size
0.0025 dollars per bushel ($12.50 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Sun-Fri) CST
Exchange
MIAX
Point Value
$5,000
Margin/Maintenance
$1,760/1,600
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 23, 2025

View Chart Details
Commercials - Long / Short
46,334 (+608)
23,898 (-613)
Non-Commercials - Long / Short
13,034 (-228)
35,839 (+1,021)
Producers - Long / Short
43,233 (+880)
22,560 (-690)
Swap Dealers - Long / Short
2,870 (-303)
1,107 (+46)
Managed Money - Long / Short
8,186 (+310)
34,539 (+831)
Other Reportables - Long / Short
4,848 (-538)
1,300 (+190)
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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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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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