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Wheat Mini May '23 (XWK23)

624-4s +10-2 (+1.67%) 05/12/23 [CBOT]
N/A x N/A N/A x N/A
underlying price ()
Quote Overview for Fri, May 12th, 2023
Day Low
624-4
Day High
624-4
Open 0-0
Previous Close 614-2 614-2
Volume 0 0
Open Interest 40 40
Relative Strength 41.93% 41.93%
Weighted Alpha -44.98 -44.98
5-Day Change -22-4 (-3.48%) -22-4 (-3.48%)
52-Week Range 595-4 - 1241-3 595-4 - 1241-3
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Wheat Mini Futures Market News and Commentary

Wheat Closes with Weakness

The wheat complex fell lower on Tuesday, as USDA added some bushels to the winter wheat output. CBT soft red wheat futures led the charge lower, down 9 to 10 cents in the nearbys. KC HRW futures were down 7 to 8 1/4 cents in the front months. MPLS spring wheat was the firmest, down just fractionally.

USDA trimmed the US wheat production total by just 2 mbu to 1.927 billion bushels in this morning’s Crop Production report. Winter wheat was raised by 10 mbu to 1.355 bbu, with spring wheat down 20 mbu. For the balance sheet, the food use total was trimmed by 5 mbu, with exports hiked by 25 mbu. New crop carryout as trimmed by 21 mbu to 869 mbu. World carryout for wheat was down 1.44 MMT to 260.08 MMT.

Crop Progress data from USDA showed the US winter wheat 90% harvested, with 91% the normal harvest pace. The spring wheat harvest was 16% complete, behind the 22% average. Conditions were listed at 49% gd/ex, back up 1%, though the Brugler500 index was down 1 at 331 on higher... Read more

Contract Specifications

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Contract
Chicago Soft Red Winter Wheat mini-sized
Contract Size
1,000 bushels
Tick Size
1/8 cent per bushel ($1.25 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Sun-Fri) CST
Exchange
CBOT
Point Value
$10
Margin/Maintenance
$363/330
First Notice Date
04/28/23
Expiration Date
05/12/23 (expired)

Seasonal Chart

Wheat Mini May '23
Average Price Chart for 5 Prior May Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
595-4 +4.87%
on 05/02/23
Period Open: 679-4
706-5 -11.62%
on 04/18/23
-55-0 (-8.09%)
since 04/12/23
3-Month
595-4 +4.87%
on 05/02/23
Period Open: 795-6
807-0 -22.61%
on 02/14/23
-171-2 (-21.52%)
since 02/10/23
52-Week
595-4 +4.87%
on 05/02/23
Period Open: 1169-6
1241-3 -49.69%
on 05/17/22
-545-2 (-46.61%)
since 05/12/22

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 624-4
2nd Resistance Point 624-4
1st Resistance Point 624-4
Last Price 624-4s
1st Support Level 624-4
2nd Support Level 624-4
3rd Support Level 624-4

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52-Week High 1241-3
Fibonacci 61.8% 994-5
Fibonacci 50% 918-4
Fibonacci 38.2% 842-2
Last Price 624-4s
52-Week Low 595-4

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