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Spring Wheat Dec '24 (MWZ24)

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Spring Wheat Futures Market News and Commentary

Wheat Comes Back to Close with Strength

The wheat complex saw some early Turnaround Tuesday weakness, with the three exchanges headed higher into the close. Chicago SRW futures were up fractionally to 2 ¼ cents on the day. KC HRW contracts saw fractional to 1 cent gains on the session. MPLS spring wheat was up fractionally to 1 ¾ cents.

Wheat export shipments during August totaled 2.438 MMT (89.58 mbu) according to Census, which was up 67.65% from a year ago and 24.46% larger than in July. That took first quarter exports to 215 mbu, a 3-year high.

Crop Progress data showed 51% of the US winter wheat crop planted, 1% behind the average pace. Emergence was pegged at 25%, on pace with normal.

Japan is tendering for 115,050 MT of wheat from the US, Canada, and Australia, with 56,690 MT from the US.

Dec 24 CBOT Wheat  closed at $5.94 3/4, up 2 1/4 cents,

Mar 25 CBOT Wheat  closed at $6.18 1/4, up 1 3/4 cents,

Dec 24 KCBT Wheat  closed at $6.03 3/4, up 1/2 cent,

Mar 25 KCBT Wheat  close... 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
$2,090/1,900
First Notice Date
11/29/24 (51 days)
Expiration Date
12/13/24 (65 days)

Seasonal Chart

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

Commitment of Traders Positions as of Oct 1, 2024

View Chart Details
Commercials - Long / Short
37,163 (+209)
25,147 (+973)
Non-Commercials - Long / Short
13,962 (+1,981)
27,073 (+976)
Producers - Long / Short
34,041 (+239)
24,757 (+1,102)
Swap Dealers - Long / Short
2,980 (-6)
248 (-105)
Managed Money - Long / Short
10,755 (+2,260)
24,509 (+350)
Other Reportables - Long / Short
3,207 (-279)
2,564 (+626)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
604-0 +8.03%
on 09/30/24
653-4 -0.15%
on 10/03/24
+45-6 (+7.54%)
since 09/09/24
3-Month
563-0 +15.90%
on 08/26/24
653-4 -0.15%
on 10/03/24
+16-2 (+2.55%)
since 07/09/24
52-Week
563-0 +15.90%
on 08/26/24
800-0 -18.44%
on 10/20/23
-151-6 (-18.87%)
since 10/09/23

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Most Recent Stories

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Shootin' the Bull about friends

Producers have had a friend to return.

Soybeans Pulled Lower by Weakness in Bean Oil

Soybeans posted losses of 13 ¾ to 18 ¾ cents across the board on Tuesday. CmdtyView’s national front month Cash Bean price was down 18 cents at $9.53. Soymeal slipped another 20 cents to $2/ton on...

ZLZ24 : 43.28 (+0.44%)
ZMZ24 : 324.8 (+0.56%)
ZSPAUS.CM : 9.5297 (-1.85%)
ZSX24 : 1020-6 (+0.44%)
ZSX24 : 1020-6 (+0.44%)
ZSF25 : 1039-0 (+0.43%)
Corn Falls into the Close

Corn futures closed out the Tuesday session with contracts down anywhere from ¾ to 5 ¼ cents across the board. The national average Cash Corn price from cmdtyView was down 5 1/2 cents at $3.88 per bu....

ZCPAUS.CM : 3.8806 (-1.38%)
ZCZ24 : 422-6 (+0.48%)
ZCZ24 : 422-6 (+0.48%)
ZCH25 : 439-6 (+0.34%)
Wheat Comes Back to Close with Strength

The wheat complex saw some early Turnaround Tuesday weakness, with the three exchanges headed higher into the close. Chicago SRW futures were up fractionally to 2 ¼ cents on the day. KC HRW contracts...

KEH25 : 628-0 (+1.25%)
MWZ24 : 652-4 (+1.16%)
KEZ24 : 611-0 (+1.20%)
ZWZ24 : 601-6 (+1.18%)
ZWH25 : 624-6 (+1.05%)
A Two-Sided Grain Market

The fundamental and technical landscapes for corn and soybeans appear to be telling two different stories. Here's how we read into it.

Soybeans Falling with Pressure from Oil

Soybeans are feeling pressure on Tuesday, with contracts down 30 to 21 ¼ cents at midday. CmdtyView’s national front month Cash Bean price is down 21 3/4 cents at $9.49 ¼. Soymeal is down $2.10/ton...

ZLZ24 : 43.28 (+0.44%)
ZMZ24 : 324.8 (+0.56%)
ZSPAUS.CM : 9.5297 (-1.85%)
ZSX24 : 1020-6 (+0.44%)
ZSX24 : 1020-6 (+0.44%)
ZSF25 : 1039-0 (+0.43%)
Corn Pulled Lower on Tuesday

Corn futures are down 5 to 6 ¼ cents so far on Tuesday. The national average Cash Corn price from cmdtyView is down 6 1/2 cents at $3.87 per bu. Census trade data showed a total of 5.156 MMT (203 mbu)...

ZCPAUS.CM : 3.8806 (-1.38%)
ZCZ24 : 422-6 (+0.48%)
ZCZ24 : 422-6 (+0.48%)
ZCH25 : 439-6 (+0.34%)
Wheat Mostly Lower on Tuesday

The wheat complex is giving back most of Monday’s Gains on Turnaround Tuesday. Chicago SRW futures are down fractionally to a penny on the day. KC HRW contracts are 1 to 1 ½ cents lower on the session....

KEH25 : 628-0 (+1.25%)
MWZ24 : 652-4 (+1.16%)
KEZ24 : 611-0 (+1.20%)
ZWZ24 : 601-6 (+1.18%)
ZWH25 : 624-6 (+1.05%)
Wheat Slipping Back

The wheat complex is giving back most of Monday’s Gains on Turnaround Tuesday morning. Futures closed higher across the exchanges on Monday. Chicago SRW futures were up 3 ½ 5 ¼ cents across board to...

KEH25 : 628-0 (+1.25%)
MWZ24 : 652-4 (+1.16%)
KEZ24 : 611-0 (+1.20%)
ZWZ24 : 601-6 (+1.18%)
ZWH25 : 624-6 (+1.05%)
Soybean Trade Falling Double Digits on Tuesday AM

Soybeans are posting sharp Tuesday morning losses of 14 to 15 cents. They settled Monday with weakness in the nearbys, down ¾ to 3 ¾ cents, as the deferreds were steady to 1 ¾ cents higher. CmdtyView’s...

ZLZ24 : 43.28 (+0.44%)
ZMZ24 : 324.8 (+0.56%)
ZSPAUS.CM : 9.5297 (-1.85%)
ZSX24 : 1020-6 (+0.44%)
ZSX24 : 1020-6 (+0.44%)
ZSF25 : 1039-0 (+0.43%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 657-3
2nd Resistance Point 653-1
1st Resistance Point 649-1
Last Price 652-4
1st Support Level 640-7
2nd Support Level 636-5
3rd Support Level 632-5

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52-Week High 800-0
Fibonacci 61.8% 709-4
Fibonacci 50% 681-4
Fibonacci 38.2% 653-4
Last Price 652-4
52-Week Low 563-0

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