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Spring Wheat Jul '24 (MWN24)

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Spring Wheat Futures Market News and Commentary

Wheat Falls into Month End

The wheat market fell flat into month end on Tuesday. Kansas City led the way with losses of 6 to 15 ¼ cents and in delivery May down 21.  Chicago contracts were down 3 to 7 ¼ cents across the nearbys and up 1 ¼ to 3 ¼ cents in the deferreds. MPLS spring wheat was 2 ¾ to 5 cents lower across the board.

Monday afternoon’s Crop Progress report showed much of the winter wheat deterioration via the HRW states, as KS was down another 12 points, with NE and OK 8 points lower wk/wk, and CO down 20. The SRW states were mostly improving, with IL up 8 points, IN 2 points higher rand OH unch. For spring wheat each of the reported states were well above normal, with MN 37% faster than average and ND 9% ahead of schedule. 

Jordan made no purchase in their tender of 120,000 MT of wheat today, citing offers that were too high. Algeria is tendering for 50,000 MT of wheat in a tender that closes on Thursday.

May 24 CBOT Wheat  closed at $5.85, down 5 1/4 cents,

Jul 24 CBOT Wh... 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
06/28/24 (59 days)
Expiration Date
07/12/24 (73 days)

Seasonal Chart

Spring Wheat Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
35,504 (-4,014)
13,870 (-1,846)
Non-Commercials - Long / Short
12,240 (+940)
34,158 (-534)
Producers - Long / Short
32,579 (-4,030)
13,655 (-1,518)
Swap Dealers - Long / Short
2,710 (+31)
N/A (-313)
Managed Money - Long / Short
8,852 (+318)
33,442 (-703)
Other Reportables - Long / Short
3,388 (+622)
716 (+169)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
635-0 +10.91%
on 04/03/24
709-0 -0.67%
on 04/29/24
+51-2 (+7.85%)
since 03/28/24
3-Month
635-0 +10.91%
on 04/03/24
717-0 -1.78%
on 02/02/24
-6-6 (-0.95%)
since 01/30/24
52-Week
635-0 +10.91%
on 04/03/24
919-0 -23.37%
on 07/25/23
-115-0 (-14.04%)
since 04/28/23

More Spring Wheat Quotes

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Most Recent Stories

More News
Beans Pressured by Products Amid Lower Bean Oil Inclusion Rates

Soybeans posted double digit losses on Tuesday, with contracts down 15 ¼ to 19 ¾ cents across the board. Soymeal was down $1.80 to $3/ton at the close. Soy Oil was in freefall mode, down another 69 to...

ZMN24 : 351.9s (-0.68%)
ZLN24 : 43.01s (-3.07%)
ZSK24 : 1145-4s (-1.31%)
ZSPAUS.CM : 11.0072 (-1.13%)
ZSN24 : 1163-0s (-1.61%)
ZSX24 : 1159-4s (-1.57%)
ZSPX24US.CM : 10.9896 (-1.66%)
Wheat Falls into Month End

The wheat market fell flat into month end on Tuesday. Kansas City led the way with losses of 6 to 15 ¼ cents and in delivery May down 21. Chicago contracts were down 3 to 7 ¼ cents across the nearbys...

ZWK24 : 585-0s (-0.89%)
ZWN24 : 603-2s (-0.86%)
KEK24 : 622-6s (-3.26%)
KEN24 : 635-2s (-2.34%)
MWK24 : 710-2s (-0.70%)
Corn Closes Lower Ahead of SAF Announcement

Corn futures closed out the Tuesday session with most contracts fractionally to 3 ¼ cents lower and May up ¼ cent. On Tuesday, the Biden administration released its guidance on SAF feedstock, allowing...

ZCK24 : 439-4s (+0.06%)
ZCPAUS.CM : 4.2699 (+0.41%)
ZCN24 : 446-6s (-0.56%)
ZCZ24 : 469-4s (-0.69%)
ZCPZ24US.CM : 4.3997 (-0.36%)
Shootin' the Bull about bird flu or no margins.

A great deal transpired today.  Whether you believe the price decline an aspect of the bird flu, or like me, believe that with no margin and fewer aspects of trading higher, there is no reason to pay...

Agricultural Prices

Agricultural Prices - 2024-04-30

ZSN24 : 1163-0s (-1.61%)
ZSPAUS.CM : 11.0072 (-1.13%)
ZSBAUS.CM : -0.4477 (+5.73%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 3,949s (+0.23%)
XTN24 : 4,661s (+0.43%)
ZCN24 : 446-6s (-0.56%)
ZCPAUS.CM : 4.2699 (+0.41%)
ZCBAUS.CM : -0.1251 (+10.71%)
XVN24 : 2,386s (-0.04%)
XEU24 : 59.56 (-0.02%)
Bean Oil Pressuring Soy Complex Lower as Inclusion Rates Fall

Soybeans are posting double digit weakness on Tuesday, with pressure coming from the product values. Soybean futures price limits are going to trimmed by a dime to 85 cents on Wednesday, with the CME....

ZMN24 : 351.9s (-0.68%)
ZLN24 : 43.01s (-3.07%)
ZSK24 : 1145-4s (-1.31%)
ZSPAUS.CM : 11.0072 (-1.13%)
ZSN24 : 1163-0s (-1.61%)
ZSX24 : 1159-4s (-1.57%)
ZSPX24US.CM : 10.9896 (-1.66%)
Corn Pulled Lower on Tuesday

Corn Futures are slipping lower on Tuesday’s midday, as contracts are down 1 ¾ to 5 cents across much of the front month action. Tuesday is first notice data for May corn futures, with no deliveries...

ZCK24 : 439-4s (+0.06%)
ZCPAUS.CM : 4.2699 (+0.41%)
ZCN24 : 446-6s (-0.56%)
ZCZ24 : 469-4s (-0.69%)
ZCPZ24US.CM : 4.3997 (-0.36%)
Wheat Falling on Tuesday

The wheat market is facing pressure at midday. Kansas City futures are leading the way lower, with losses of 12 to 18 ¾ cents. Chicago contracts are down 4 to 10 cents at midday. MPLS spring wheat is...

ZWK24 : 585-0s (-0.89%)
ZWN24 : 603-2s (-0.86%)
KEK24 : 622-6s (-3.26%)
KEN24 : 635-2s (-2.34%)
MWK24 : 710-2s (-0.70%)
Corn Down on Tuesday Morning

Overnight trade has corn showing fractional to 2 cent losses this morning. Corn futures ended the Monday session fractionally to 1 ¼ cents lower across most contracts. Tuesday is first notice data for...

ZCK24 : 439-4s (+0.06%)
ZCPAUS.CM : 4.2699 (+0.41%)
ZCN24 : 446-6s (-0.56%)
ZCZ24 : 469-4s (-0.69%)
ZCPZ24US.CM : 4.3997 (-0.36%)
Wheat Extends Pullback to Tuesday Morning

The wheat market is showing weakness again on Tuesday after a round of overnight trade. Futures backed off in the winter wheat contracts to start off the week. Chicago contracts were down 4 ½ to 13 ¾...

ZWK24 : 585-0s (-0.89%)
ZWN24 : 603-2s (-0.86%)
KEK24 : 622-6s (-3.26%)
KEN24 : 635-2s (-2.34%)
MWK24 : 710-2s (-0.70%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 715-3
2nd Resistance Point 711-5
1st Resistance Point 707-7
Last Price 704-2s
1st Support Level 700-3
2nd Support Level 696-5
3rd Support Level 692-7

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52-Week High 919-0
Fibonacci 61.8% 810-4
Fibonacci 50% 777-0
Fibonacci 38.2% 743-4
Last Price 704-2s
52-Week Low 635-0

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