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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Pulls Out Gains on Wednesday

The wheat market saw some strength on Wednesday, with the winter wheat exchanges posting gains.  Chicago SRW futures were up 7 to 8 cents at the close. Kansas City HRW futures saw contracts 10 to 12 cents higher on Wednesday. Minneapolis spring wheat futures fell to weakness, with contracts down 3 to 4 cents 

Rains are expected to make their way in parts of SRW country over the next week. Much of the HRW country misses out on the rainfall, from southwest NE through the western portions of KS and the panhandle of TX.

Tuesday was the first day of the annual Hard Red Wheat Tour through Kansas, with the Day 1 route results at 50.5 bpa. That is above the 49.9 bpa from day 1 last year and a 4-year high. Day 2 results will be announced this evening.

Thursday morning’s Export Sales report is expected to show old crop wheat bookings between net reductions of 200,000 MT and net sales of 100,000 MT. Business for 2025/26 is seen at 350,000 and 600,000 MT. 

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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
$1,925/1,750
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

Wheat May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of May 6, 2025

View Chart Details
Commercials - Long / Short
176,106 (+427)
74,600 (+8,527)
Non-Commercials - Long / Short
119,875 (+5,135)
227,412 (-4,136)
Producers - Long / Short
89,374 (-2,302)
51,086 (+5,237)
Swap Dealers - Long / Short
68,346 (-1,144)
5,128 (-583)
Managed Money - Long / Short
84,883 (+4,750)
190,819 (-1,530)
Other Reportables - Long / Short
34,992 (+385)
36,593 (-2,606)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
534-2 +22.98%
on 04/18/24
671-0 -2.09%
on 05/13/24
+101-0 (+18.17%)
since 04/12/24
3-Month
523-4 +25.50%
on 03/11/24
671-0 -2.09%
on 05/13/24
+74-0 (+12.69%)
since 02/14/24
52-Week
523-4 +25.50%
on 03/11/24
808-6 -18.76%
on 07/25/23
-25-4 (-3.74%)
since 05/12/23

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Most Recent Stories

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The soybean market again held onto some gains heading into the Wednesday close, as contracts were up 1 to 5 ¼ cents in most contracts as May expired. The cmdtyView Cash Bean price was up 5 cents to $10.27...

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Corn Closes Mixed as Nearbys Turn Higher

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Wheat Pulls Out Gains on Wednesday

The wheat market saw some strength on Wednesday, with the winter wheat exchanges posting gains. Chicago SRW futures were up 7 to 8 cents at the close. Kansas City HRW futures saw contracts 10 to 12 cents...

KEU25 : 539-4 (+0.47%)
KEN25 : 525-4 (+0.48%)
MWN25 : 578-2 (+0.22%)
ZWN25 : 527-4 (+0.52%)
ZWU25 : 541-6 (+0.51%)
Grain Spreads: Short Covering Wheat

KC wheat bounces from 5.00, but How Far?

Commodity Markets Fly Around in Wednesday's Trade

Equity markets saw some continued strength on Wednesday but the momentum has slowed. More volatility and movement was seen in commodities with markets like gold, grains, and cattle drawing attention.

Shootin' the Bull about hearing the fat lady sing

Did the fat lady sing?  Is the jig up?  We will know more tomorrow, but for the time being, the closing of the southern border is believed a bullish black swan event, at the top of the market, for which...

Soybeans Extending Gains at Midday

The soybean market is trading with fractional to 5 cent gains on Wednesday, with front months leading the strength. There were 2 delivery notices for May soybeans overnight, with 53 for soybean meal and...

ZSPAUS.CM : 10.2684 (+0.49%)
ZLN25 : 49.55 (-5.29%)
ZMN25 : 298.5 (+2.26%)
ZSX25 : 1052-0 (-0.87%)
ZSN25 : 1067-6 (-0.93%)
ZSQ25 : 1064-4 (-0.93%)
ZSPX25US.CM : 9.9767 (+0.18%)
Corn Posting Mixed Wednesday Trade

vorn futures are showing 2 to 3 cent gains in the nearbys, with the new crop months down fractionally. There were another 16 deliveries issued against May futures overnight, all by an ADM customer. The...

ZCZ25 : 441-0 (+0.11%)
ZCU25 : 427-4 (+0.06%)
ZCN25 : 447-0 (+0.34%)
ZCPZ25US.CM : 4.0699 (-0.13%)
ZCPAUS.CM : 4.1682 (+0.76%)
Wheat Trading with Gains in the Winter Wheat Contracts

Wheat is mixed at midday, with the winter wheat exchanges posting strength. Chicago SRW futures are up 5 to 6 cents as we trade through Wednesday’s midday. There were 18 deliveries issued against May...

KEU25 : 539-4 (+0.47%)
KEN25 : 525-4 (+0.48%)
MWN25 : 578-2 (+0.22%)
ZWN25 : 527-4 (+0.52%)
ZWU25 : 541-6 (+0.51%)
Soybeans Rally from Early Weakness

The soybean market is trading with mixed trade on Wednesday morning, July is up 1 ¾ cents and November is down a penny. Soybeans saw contracts pulling well off their lows on Tuesday, with contracts up...

ZSPAUS.CM : 10.2684 (+0.49%)
ZLN25 : 49.55 (-5.29%)
ZMN25 : 298.5 (+2.26%)
ZSX25 : 1052-0 (-0.87%)
ZSN25 : 1067-6 (-0.93%)
ZSQ25 : 1064-4 (-0.93%)
ZSPX25US.CM : 9.9767 (+0.18%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 657-0
2nd Resistance Point 657-0
1st Resistance Point 657-0
Last Price 657-0s
1st Support Level 657-0
2nd Support Level 657-0
3rd Support Level 657-0

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52-Week High 808-6
Fibonacci 61.8% 699-6
Fibonacci 50% 666-1
Last Price 657-0s
Fibonacci 38.2% 632-4
52-Week Low 523-4

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