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Wheat Sep '20 (ZWU20)

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Wheat Futures Market News and Commentary

Wheat Closed Mixed

Wheat traded in both directions on Friday. KC HRW futures closed with 3 to 4 3/4 cent losses. HRS wheat was fractionally mixed to 1 1/4 cents lower. SRW wheat was higher on the day, with 8 to 9 1/2 cent gains in the front months. SRW to corn premium was at a monthly high. September SRW to Sept HRS premium was the highest since April 28, and the Chi to KC spread was the highest premium since December 10. USDA announced a private export sale of 190k MT HRS and 130k MT of HRW to China this morning. The NASS wheat production numbers were bullish relative to June, and exceeded trade expectations. USDA’s July estimate for winter wheat production is 1.218 bbu, down by 48 mbu, while the trade was looking for an 18 mbu cut. That came via a 33 mbu cut to HRW and a 17 mbu cut for SRW production. Spring wheat production was estimated at 550 mbu, which was above the trade average guess of 546. In total 2020/21 U.S. wheat production is forecasted at 1.824 bbu. U.S. ending stocks for 2020/21 are f... Read more

Contract Specifications

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Contract
Chicago Soft Red Winter 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. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$50
Margin/Maintenance
$1,485/1,350
First Notice Date
08/31/20 (49 days)
Expiration Date
09/14/20 (63 days)

Seasonal Chart

Wheat Sep '20
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Jul 7, 2020

View Chart Details
Commercials - Long / Short
161,659 (-1,877)
135,432 (+257)
Non-Commercials - Long / Short
116,056 (+2,524)
130,325 (+2,169)
Producers - Long / Short
52,553 (-2,545)
115,059 (-34)
Swap Dealers - Long / Short
99,587 (-284)
10,854 (-661)
Managed Money - Long / Short
63,980 (+2,620)
96,350 (-2,621)
Other Reportables - Long / Short
52,076 (-96)
33,975 (+4,790)
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Price Performance

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Period Period Low Period High Performance
1-Month
471-0 +12.26%
on 06/26/20
539-0 -1.90%
on 07/10/20
+21-0 (+4.14%)
since 06/12/20
3-Month
471-0 +12.26%
on 06/26/20
564-4 -6.33%
on 04/20/20
-30-6 (-5.50%)
since 04/13/20
52-Week
471-0 +12.26%
on 06/26/20
592-6 -10.80%
on 01/22/20
-30-4 (-5.45%)
since 07/12/19

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Wheat Closed Mixed

Wheat traded in both directions on Friday. KC HRW futures closed with 3 to 4 3/4 cent losses. HRS wheat was fractionally mixed to 1 1/4 cents lower. SRW wheat was higher on the day, with 8 to 9 1/2 cent...

Beans Close in Red

Soybeans closed 6 3/4 to 10 3/4 cents lower in the red with double digit losses in new crop futures. Bean meal traded down by as much as $5/ton. Soy oil futures also closed in the red with losses of 7...

Double Digit Losses for Corn

Corn traders sold the fact and took profits ahead of the weekend. Futures closed the Friday session 10 to 12 1/4 cents deep in the red. From the mandatory reporting system, USDA announced a huge 1.365...

Livestock Report

Cattle markets creep higher while Hogs sag

Corn Down After Reports

Corn has gone into fast market conditions, down 4 1/2 to 10 cents or more in response to the USDA updates. USDA announced a huge 1.365 MMT corn sale to China this morning. Delivery for the private sale...

Wheat Mixed At Midday

Wheat is mixed after Chinese buying alongside of the USDA report. SRW futures are up double digits with gains of as much as 16 3/4 cents in July. HRW futures are down by 2 to 5 1/2 cents. MPLS spring wheat...

Bean Market Down at Midday

In the immediate response to the new supply and demand numbers, soybean futures are down by 3 1/2 to 4 1/4 cents. Soymeal futures are down by $2.10/ton. Soy oil futures are trading 3 points higher at midday....

WASDE REPORT FOR 7/10/2020

WASDE REPORT FOR 7/10/2020

Grains Report 07/10/2020

MORNING GRAINS COMMENTS Jack Scoville Friday, July 10, 2020 Price Futures Group, CBOT Chicago, IL (312) 264-4322 jscoville@pricegroup.com JSL, SA de [...]

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 48% Buy with a Average short term outlook on maintaining the current direction.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

2nd Resistance Point 549-5
1st Resistance Point 541-7
Last Price 528-6
1st Support Level 523-3
2nd Support Level 512-5

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52-Week High 592-6
Fibonacci 61.8% 546-2
Fibonacci 50% 531-7
Last Price 528-6
Fibonacci 38.2% 517-4
52-Week Low 471-0

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