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Spring Wheat Sep '18 (MWU18)

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Spring Wheat Futures Market News and Commentary

Wheat Market News and Commentary

Wheat futures are trading sharply lower at midday, with most contracts 12 to 17 cents lower. All wheat shipments in the week that ended on February 14 were reported at 357,131 MT by the USDA this morning. That was down 36.54% from the week prior and 15.82% lower than the same week in 2018. ABARES pegged the 18/19 Australian wheat crop at 17.3 MMT on Monday, down 3.94 MMT from the year prior. Reuters data shows wheat FOB prices at Russian ports down $6/ton last week, with US still $29/ton lower.Mar 19 CBOT Wheat is at $4.90 3/4, down 13 1/2 cents,Mar 19 KCBT Wheat is at $4.63 3/4, down 12 3/4 cents,Mar 19 MGEX Wheat is at $5.56, down 17 cents --provided by Brugler Marketing & Management

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) CST
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$1,560/1,200
First Notice Date
08/31/18
Expiration Date
09/14/18 (expired)

Seasonal Chart

Spring Wheat Sep '18
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Jan 22, 2019

View Chart Details
Commercials - Long / Short
34,624 (-990)
24,611 (-383)
Non-Commercials - Long / Short
10,342 (+765)
20,032 (-476)
Producers - Long / Short
32,103 (-1,125)
24,611 (-383)
Swap Dealers - Long / Short
2,521 (+135)
0 (unch)
Managed Money - Long / Short
4,811 (+1,116)
14,795 (-194)
Other Reportables - Long / Short
5,531 (-351)
5,237 (-282)
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Price Performance

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Period Period Low Period High Performance
1-Month
541-2 +2.91%
on 09/07/18
615-2 -9.47%
on 08/17/18
-39-2 (-6.58%)
since 08/14/18
3-Month
523-6 +6.35%
on 07/12/18
639-0 -12.83%
on 08/07/18
-32-6 (-5.55%)
since 06/14/18
52-Week
523-6 +6.35%
on 07/12/18
654-4 -14.90%
on 05/29/18
-76-4 (-12.08%)
since 09/14/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Sell with a Average short term outlook on maintaining the current direction.

Longer term, the trend strength is Average. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 557-0
1st Resistance Point 557-0
Last Price 557-0s
1st Support Level 557-0
2nd Support Level 557-0

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52-Week High 654-4
Fibonacci 61.8% 604-4
Fibonacci 50% 589-1
Fibonacci 38.2% 573-6
Last Price 557-0s
52-Week Low 523-6

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InsideFutures Commentary

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