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Spring Wheat Dec '21 (MWZ21)

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Spring Wheat Futures Market News and Commentary

Wheat Fades for Mixed Close

The midday wheat recovery faded back in the afternoon, leaving the board mixed at the close. MGE wheat held onto gains, though were just fractionally to 2 cents higher. CBT futures closed the day fractionally to 1 1/4 cents in the red. KC wheat closed with 5 3/4 to 6 3/4 cent losses. 

CFTC data showed managed money’s new selling expanded their net short 7,022 contracts to 8,396 as of 6/15. Managed money funds were also net sellers in KC wheat, reducing their net long 2,226 contracts to 17,487. In spring wheat, the Commitment of Traders report showed funds expanded their net long by 1,708 contracts to 15,298 through the week that ended 6/15. 

The weekly Crop Progress reported showed harvest had progressed 13% points to 17% complete. The 5-yr average is to be 26% complete by 6/20. Kansas wheat harvest was reported 13% complete as it progressed as far north as Baron and Marion Counties. Yields were being reported at average to above average, with very low moisture levels al... 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
$3,315/2,550
First Notice Date
11/30/21 (162 days)
Expiration Date
12/14/21 (176 days)

Seasonal Chart

Spring Wheat Dec '21
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Jun 15, 2021

View Chart Details
Commercials - Long / Short
35,770 (-704)
60,942 (-280)
Non-Commercials - Long / Short
20,683 (+1,170)
2,701 (-376)
Producers - Long / Short
30,634 (-748)
59,120 (-897)
Swap Dealers - Long / Short
4,659 (-28)
1,345 (+545)
Managed Money - Long / Short
16,116 (+1,843)
818 (+135)
Other Reportables - Long / Short
4,567 (-673)
1,883 (-511)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
683-4 +11.89%
on 05/26/21
838-0 -8.74%
on 06/07/21
+55-6 (+7.86%)
since 05/21/21
3-Month
625-6 +22.21%
on 04/01/21
838-0 -8.74%
on 06/07/21
+114-4 (+17.61%)
since 03/19/21
52-Week
561-4 +36.20%
on 08/13/20
838-0 -8.74%
on 06/07/21
+195-2 (+34.28%)
since 06/19/20

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Wheat Futures Gaining at Midday

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Russian wheat getting cheaper on record-high on-farm stocks. Will this convert into aggressive exports in 21/22?

Last week Russian wheat tumbled on higher supply from farmers amid approaching new crop and record-high on-farm stocks. Will this convet into agressive exports in early 21/22 season?

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 805-1
2nd Resistance Point 789-7
1st Resistance Point 777-3
Last Price 764-6s
1st Support Level 749-5
2nd Support Level 734-3
3rd Support Level 721-7

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52-Week High 838-0
Last Price 764-6s
Fibonacci 61.8% 732-3
Fibonacci 50% 699-6
Fibonacci 38.2% 667-1
52-Week Low 561-4

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