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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Still Strong Heading Into Holiday Weekend

The wheat complex went home with mixed on Friday, as profit taking ahead of the Memorial Day weekend nudged the July and September CBT contracts into negative territory. Everything else was up. Chicago settled ¾ lower to 2 higher. Kansas City futures were up 8 ½ to 11 ¼ going home. MPLS spring wheat contracts gained 7 ¼ to 10 ¼ cents from Thursday to Friday, with nearby July up a stout 5.8% for the week.  

Total wheat (and products) shipped and unshipped sales are now at 97% of USDA’s forecasted total, with just a couple weeks left in the MY. The average pace is for 105% in commitments by now, though actual Census shipping data is running well ahead. Looking ahead towards new crop, FAS data has 3.49 MMT in forward sales, which is 58% above the same point compared to last year.

Friday’s Commitment of Traders report indicated spec traders in Chicago wheat cutting another 3,658 contracts from their net short position to 24,593 contracts by May 21, the smallest since October... 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
$2,310/2,100
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 21, 2024

View Chart Details
Commercials - Long / Short
140,383 (-1,092)
120,650 (-6,666)
Non-Commercials - Long / Short
130,514 (-1,970)
143,036 (+5,137)
Producers - Long / Short
40,430 (-3,525)
93,137 (-5,288)
Swap Dealers - Long / Short
79,626 (+4,566)
7,186 (+755)
Managed Money - Long / Short
85,866 (+174)
112,555 (-3,098)
Other Reportables - Long / Short
44,648 (-2,144)
30,481 (+8,235)
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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ZWN24 : 697-2s (-0.11%)
KEN24 : 721-2s (+1.48%)
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SBV24 : 18.39s (+0.66%)
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ZCN24 : 464-6s (+0.16%)
ZCPAUS.CM : 4.4299 (+0.40%)
ZCU24 : 474-4s (+0.26%)
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ZCPZ24US.CM : 4.5886 (+0.50%)
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ZMN24 : 386.5s (+2.60%)
ZLN24 : 44.95s (-0.53%)
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ZSX24 : 1219-4s (+0.29%)
ZSPX24US.CM : 11.5758 (+0.27%)
Wheat Still Strong Heading Into Holiday Weekend

The wheat complex went home with mixed on Friday, as profit taking ahead of the Memorial Day weekend nudged the July and September CBT contracts into negative territory. Everything else was up. Chicago...

ZWN24 : 697-2s (-0.11%)
ZWU24 : 717-4s (-0.07%)
KEN24 : 721-2s (+1.48%)
KEU24 : 735-6s (+1.55%)
MWN24 : 752-6s (+1.18%)
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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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