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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Heads Home Higher on Friday

The wheat complex posted Friday gains across the board. Chicago contracts were up 2 to 4 1/2 cents, with Kansas City HRW futures 6 to 8 1/2 cents higher. MPLS was up 2 to 5 ¾ cents at the close for the week.

French soft wheat conditions were rated at 64% gd/ex as of 4/8, a 1% decline from the week prior according to the FanceAgriMer. Last year’s soft wheat ratings were 94% gd/ex, with the current data the lowest for the current week since 2020. Russia’s ag ministry raised their wheat export tax by 1.3% to 3,276.6 roubles/MT (95 cents/bu) as of April 17 through April 23. 

Spec funds in CBT wheat futures and options cut 5,376 contracts from their net short as of 4/9, taking it to 86,568 contracts. In KC wheat, they were adding 4,137 contracts to their net short, at 44,611 contracts on that Tuesday. 

May 24 CBOT Wheat  closed at $5.56, up 4 1/4 cents,

Jul 24 CBOT Wheat  closed at $5.70 3/4, up 4 1/2 cents,

May 24 KCBT Wheat  closed at $5.89 3/4, up 6 1/2 c... 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
$2,585/2,350
First Notice Date
04/30/24 (15 days)
Expiration Date
05/14/24 (29 days)

Seasonal Chart

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

Commitment of Traders Positions as of Apr 9, 2024

View Chart Details
Commercials - Long / Short
137,049 (-10,333)
83,925 (-3,702)
Non-Commercials - Long / Short
119,333 (-61)
171,730 (-7,921)
Producers - Long / Short
49,389 (+645)
63,256 (+13,130)
Swap Dealers - Long / Short
73,256 (+4,337)
6,265 (-1,517)
Managed Money - Long / Short
76,928 (-2,281)
162,734 (-7,491)
Other Reportables - Long / Short
42,405 (+2,220)
8,996 (-430)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
527-0 +3.94%
on 03/18/24
574-6 -4.70%
on 04/05/24
+19-2 (+3.64%)
since 03/15/24
3-Month
523-4 +4.63%
on 03/11/24
626-4 -12.57%
on 01/25/24
-62-2 (-10.20%)
since 01/12/24
52-Week
523-4 +4.63%
on 03/11/24
808-6 -32.27%
on 07/25/23
-181-6 (-24.91%)
since 04/14/23

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Wheat Heads Home Higher on Friday

The wheat complex posted Friday gains across the board. Chicago contracts were up 2 to 4 1/2 cents, with Kansas City HRW futures 6 to 8 1/2 cents higher. MPLS was up 2 to 5 ¾ cents at the close for the...

ZWK24 : 548-2 (-1.39%)
ZWN24 : 563-2 (-1.31%)
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KEN24 : 581-4 (-0.94%)
MWK24 : 638-6 (-0.62%)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 575-4
2nd Resistance Point 569-0
1st Resistance Point 562-4
Last Price 548-2
1st Support Level 549-4
2nd Support Level 543-0
3rd Support Level 536-4

See More

52-Week High 808-6
Fibonacci 61.8% 699-6
Fibonacci 50% 666-1
Fibonacci 38.2% 632-4
Last Price 548-2
52-Week Low 523-4

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