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Spring Wheat Dec '19 (MWZ19)

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Spring Wheat Futures Market News and Commentary

Wheat Mixed at end of Tuesday’s Session

Winter wheat futures gave back overnight gains, with Chicago Dec finishing down by 5 1/2 and Kansas City Dec 4 1/4 cents lower. Spring wheat futures were higher, with MPLS Dec up by 1 1/4 cents on Turnaround Tuesday. NASS reported on Monday afternoon that winter wheat was 77% planted, and 53% emerged for the 18 states USDA tracks. Winter wheat conditions will be released next week, though there is very little correlation with output this early. Spring Wheat harvest was pegged at 96% complete, with ND @ 95% and MT 92% harvested. Ukraine’s wheat harvest is expected to total 28.1 MMT for 2019, according to the country’s ag ministry, a 3.5 MMT increase over last year. The deadline for an Ethiopian tender of 400,000 MT of wheat was pushed back from Wednesday to Nov 5. DEC 19 CBOT Wheat closed at $5.18, down 5 1/2 cents, DEC 19 KCBT Wheat closed at $4.21 1/4, down 4 1/4 cents, DEC 19 MGEX Wheat closed at $5.39, up 1 1/4 cents --provided by Brugler Marketing & Management 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
$1,755/1,350
First Notice Date
11/29/19 (38 days)
Expiration Date
12/13/19 (52 days)

Seasonal Chart

Spring Wheat Dec '19
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Oct 15, 2019

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Commercials - Long / Short
40,466 (-996)
35,649 (+625)
Non-Commercials - Long / Short
7,938 (-673)
11,956 (-2,608)
Producers - Long / Short
39,129 (-734)
34,764 (+524)
Swap Dealers - Long / Short
776 (-262)
324 (+101)
Managed Money - Long / Short
1,551 (-293)
10,828 (-2,475)
Other Reportables - Long / Short
6,387 (-380)
1,128 (-133)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
521-4 +3.26%
on 10/02/19
559-0 -3.67%
on 09/26/19
+1-2 (+0.23%)
since 09/23/19
3-Month
486-4 +10.69%
on 09/03/19
559-0 -3.67%
on 09/26/19
+3-4 (+0.65%)
since 07/23/19
52-Week
486-4 +10.69%
on 09/03/19
627-0 -14.11%
on 10/29/18
-81-6 (-13.18%)
since 10/23/18

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 8% Buy with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Minimum. Long term indicators are in flux.

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Key Turning Points

2nd Resistance Point 548-7
1st Resistance Point 543-7
Last Price 538-6
1st Support Level 535-1
2nd Support Level 531-3

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52-Week High 627-0
Fibonacci 61.8% 573-3
Fibonacci 50% 556-6
Fibonacci 38.2% 540-1
Last Price 538-6
52-Week Low 486-4

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InsideFutures Commentary

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