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Wheat May '20 (ZWK20)

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Wheat Futures Market News and Commentary

Wheat Market Pulls Back Double Digits

Following the big Wednesday advance futures are giving back double digits. So far SRW futures are 7 to 12 3/4 cents in red. HRW wheat is down by 11 to 12 cents, and HRS futures are trading 8 3/4 to 11 cents lower. May ’21 MPLS wheat is the lone exception with a midday loss of just 2 1/2 cents. USDA’s weekly Export Sales report showed 764,385 MT of wheat sales on the week ending July 9. That was above pre-report estimates, and the largest weekly sale since December 12, 2019. Weekly wheat shipments also more than doubled on the week, with 641,407 MT added the 2020/21 accumulated wheat exports are at 2.897 MMT through the first 6 weeks. Strategie Grains lowered their estimate for EU wheat production to 130.3 MMT, citing reduced yields. Jordan is tendering for 120,00 MT of wheat.

Sep 20 CBOT Wheat is at $5.38, down 12 3/4 cents,

Sep 20 KCBT Wheat is at $4.48, down 11 1/2 cents,

Sep 20 MGEX Wheat is at $5.16 3/4, down 11 cents,

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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
04/30/20
Expiration Date
05/14/20 (expired)

Seasonal Chart

Wheat May '20
Average Price Chart for 5 Prior May 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
510-4 unch
on 05/14/20
562-0 -9.16%
on 04/20/20
-38-2 (-6.97%)
since 04/14/20
3-Month
491-6 +3.81%
on 03/16/20
587-0 -13.03%
on 03/27/20
-31-0 (-5.72%)
since 02/14/20
52-Week
463-4 +10.14%
on 09/03/19
590-6 -13.58%
on 01/22/20
+18-0 (+3.65%)
since 05/14/19

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Barchart Trading Guide

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

Key Turning Points

2nd Resistance Point 510-4
1st Resistance Point 510-4
Last Price 510-4s
1st Support Level 510-4
2nd Support Level 510-4

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52-Week High 590-6
Fibonacci 61.8% 542-1
Fibonacci 50% 527-1
Fibonacci 38.2% 512-1
Last Price 510-4s
52-Week Low 463-4

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