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Spring Wheat Sep '24 (MWU24)

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Spring Wheat Futures Market News and Commentary

Wheat Mixed, as Spring Wheat Continued Ascent

Wheat futures are mixed across three US markets, as MPLS spring wheat is up 6 to 10 ½ cents across most contracts. Chicago futures are 2 to 3 cents in the green at midday.  Kansas City contracts are the weak spot, down fractionally to a penny on Monday.

Crop Progress data is expected to show slightly weaker condition ratings this afternoon at 76% good/excellent. 

Weekly Export Inspections data from Monday morning showed 237,965 MT (8.7 mbu) of wheat shipped during the week that ended on July 18. That was well below the previous week and down 34.11% from the same week last year. US exporters shipped 78,445 MT to Mexico, with 47,268 MT headed to Japan. Exports for the marketing year have totaled 2.591 MMT (95.2 mbu) in the first month and a half of the MY. That is a 20.22% increase from the same point last year.

The Friday afternoon Commitment of Traders report from CFTC showed the managed money spec funds drifting more bearish during the week, adding 6,749 contracts... 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
08/30/24 (39 days)
Expiration Date
09/13/24 (53 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
50,219 (+2,949)
23,415 (-276)
Non-Commercials - Long / Short
12,332 (-362)
36,774 (+1,888)
Producers - Long / Short
46,283 (+2,787)
23,364 (-272)
Swap Dealers - Long / Short
3,885 (+166)
N/A
Managed Money - Long / Short
10,722 (+302)
36,083 (+1,940)
Other Reportables - Long / Short
1,610 (-664)
691 (-52)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
574-6 +7.44%
on 07/17/24
636-2 -2.95%
on 07/02/24
+0-2 (+0.04%)
since 06/21/24
3-Month
574-6 +7.44%
on 07/17/24
776-2 -20.45%
on 05/28/24
-54-6 (-8.14%)
since 04/22/24
52-Week
574-6 +7.44%
on 07/17/24
871-6 -29.17%
on 07/25/23
-216-0 (-25.91%)
since 07/21/23

More Spring Wheat Quotes

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Most Recent Stories

More News
Wheat Mixed, as Spring Wheat Continued Ascent

Wheat futures are mixed across three US markets, as MPLS spring wheat is up 6 to 10 ½ cents across most contracts. Chicago futures are 2 to 3 cents in the green at midday. Kansas City contracts are the...

ZWU24 : 544-2 (+0.28%)
ZWZ24 : 570-0 (+0.35%)
KEU24 : 567-2 (-0.48%)
KEZ24 : 584-4 (-0.38%)
MWU24 : 616-6 (+1.15%)
Corn Posting Monday Strength

Corn futures are showing midday gains of 7 to 9 cents across most nearby contracts on Monday. Condition ratings expected out this afternoon via the Crop Progress report is estimated to be steady. The...

ZCU24 : 398-4 (+2.05%)
ZCPAUS.CM : 3.9160 (+2.13%)
ZCZ24 : 413-4 (+2.16%)
ZCZ24 : 413-4 (+2.16%)
ZCPZ24US.CM : 3.8478 (+2.27%)
Soybeans Rallying Double Digits on Monday

Soybeans are posting double digit gains across most contracts on Monday, with contracts up 17 to 29 cents. Soymeal futures are up $4.60 per ton. Soy Oil futures are 48 points higher in the August contract....

ZMZ24 : 317.1 (+3.12%)
ZLZ24 : 44.82 (+1.93%)
ZSQ24 : 1114-4 (+1.57%)
ZSPAUS.CM : 10.8949 (+1.69%)
ZSU24 : 1060-6 (+2.31%)
ZSX24 : 1064-0 (+2.70%)
ZSPX24US.CM : 10.0806 (+2.85%)
Are Corn and Soybeans on the Verge of a Breakout?

Corn and soybeans are higher to start the week and threatening a breakout above the top end of the recent range. How much upside potential is left?

Pure Hedge - Livestock and Grain

Walsh Gamma Trader

Wheat Mixed on Monday Morning

Wheat is trading with mixed action on your Monday morning, as spring wheat is continuing to lead the bull charge. Futures were swimming against the bearish tide on Friday, or perhaps unwinding some inter-market...

ZWU24 : 544-2 (+0.28%)
ZWZ24 : 570-0 (+0.35%)
KEU24 : 567-2 (-0.48%)
KEZ24 : 584-4 (-0.38%)
MWU24 : 616-6 (+1.15%)
Soybeans Rallying to Begin Week

Soybeans started out the overnight session stronger and are continuing that trend with 9 to 15 cent gains this morning. Futures settled 1 ¼ to 7 ¼ lower on Friday, with the inverse, aka backwardation,...

ZMZ24 : 317.1 (+3.12%)
ZLZ24 : 44.82 (+1.93%)
ZSQ24 : 1114-4 (+1.57%)
ZSPAUS.CM : 10.8949 (+1.69%)
ZSU24 : 1060-6 (+2.31%)
ZSX24 : 1064-0 (+2.70%)
ZSPX24US.CM : 10.0806 (+2.85%)
Corn Starting Off Higher on Monday Morning

Corn prices are starting off the week with gains of 3 to 4 ½ cents Futures couldn’t hold initial gains on Frida, as quite a few markets sold off going into the weekend. Net changes were fractional,...

ZCU24 : 398-4 (+2.05%)
ZCPAUS.CM : 3.9160 (+2.13%)
ZCZ24 : 413-4 (+2.16%)
ZCZ24 : 413-4 (+2.16%)
ZCPZ24US.CM : 3.8478 (+2.27%)
Grain Markets Rally to Start the Week

Corn, soybeans, and wheat are all higher to start the week. Will the rally be able to not only hold, but extend towards the next big resistance levels?

Grains: Watson and Occam’s Razor

Occam's razor tells us the simplest answer is usually closest to the truth. We need to keep this in mind as we look at the early rally in the Grains sector Monday morning.

ZSQ24 : 1114-4 (+1.57%)
ZCZ24 : 413-4 (+2.16%)
MWU24 : 616-6 (+1.15%)

Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 641-6
2nd Resistance Point 630-2
1st Resistance Point 620-0
Last Price 616-6
1st Support Level 598-2
2nd Support Level 586-6
3rd Support Level 576-4

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52-Week High 871-6
Fibonacci 61.8% 758-2
Fibonacci 50% 723-2
Fibonacci 38.2% 688-2
Last Price 616-6
52-Week Low 574-6

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