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Wheat Jul '23 (ZWN23)
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Wheat Futures Market News and Commentary

Mostly Weaker Start for AM Wheat Trade

Thursday’s wheat market is set to begin the day session mixed but mostly lower, as thin Dec contracts are holding fractional gains while the more active futures are 1 ¾ to 4 ½ cents lower. Front month wheat futures were 1.7% to 4.4% higher on the day, led by the December HRW contract. Open interest in the Dec contracts, with Chicago falling 10,818 as the shoeboxes came out, leaving only 2,347 open on First Notice Day. At the close HRW futures were 16 ½ to 27 cents in the black. Front month spring wheat prices were 12 to 12 ¾ cents stronger. SRW futures closed 12 ¼ to 13 ¾ cents higher. 

There were 100 contracts worth of delivery notices vs. KC December wheat, all by an SG Americas customer.  There were 1,347 contracts put out (well over half of the remaining OI) against Chicago December, with LDC unburdening themselves of 1,130.  Marex and JPM customers were the main stoppers. 

The Minneapolis Grains Exchange reported wheat stocks were 20.474 mbu as of 11/26. That was 1.... 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
$3,080/2,800
First Notice Date
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

Wheat Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Nov 21, 2023

View Chart Details
Commercials - Long / Short
153,562 (+12,709)
77,407 (-4,647)
Non-Commercials - Long / Short
129,115 (+740)
206,646 (+19,233)
Producers - Long / Short
68,806 (+8,179)
62,968 (-2,373)
Swap Dealers - Long / Short
70,803 (+6,809)
486 (+5)
Managed Money - Long / Short
75,600 (+716)
193,017 (+20,682)
Other Reportables - Long / Short
53,515 (+24)
13,629 (-1,449)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
614-2 +4.44%
on 07/13/23
756-6 -15.23%
on 06/26/23
+11-2 (+1.79%)
since 06/14/23
3-Month
573-2 +11.91%
on 05/31/23
756-6 -15.23%
on 06/26/23
-51-0 (-7.36%)
since 04/14/23
52-Week
573-2 +11.91%
on 05/31/23
949-4 -32.44%
on 10/10/22
-184-0 (-22.29%)
since 07/14/22

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Most Recent Stories

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Soybeans are trading 1 to 5 ½ cents weaker so far ahead of the weekly Export Sales report. Jan soy futures stayed in a 15 cent range on the day, with soybeans settling fractionally higher. Soymeal futures...

ZMF24 : 425.0 (-0.47%)
ZLF24 : 52.94 (+0.57%)
CSZ23 : 210-0s (-9.09%)
ZSF24 : 1345-0 (-0.15%)
ZSPAUS.CM : 12.8702 (-0.18%)
ZSH24 : 1363-6 (-0.13%)
ZSK24 : 1376-4 (-0.16%)
Thursday Corn Trade Starting Mixed

The corn market is working fractionally mixed ahead of the weekly FAS export sales data. The overnight range for March futures was 2c. The corn market closed mixed on Wednesday as Dec continues to shed...

ZCZ23 : 452-0 (+0.50%)
ZCPAUS.CM : 4.2574 (+0.23%)
ZCH24 : 477-0 (+0.26%)
ZCK24 : 489-0 (unch)
Mostly Weaker Start for AM Wheat Trade

Thursday’s wheat market is set to begin the day session mixed but mostly lower, as thin Dec contracts are holding fractional gains while the more active futures are 1 ¾ to 4 ½ cents lower. Front month...

ZWZ23 : 555-4 (unch)
ZWH24 : 584-2 (-0.26%)
KEZ23 : 632-0 (-1.25%)
MWZ23 : 694-4 (-0.32%)
New Lows for Corn, Still Closes Higher on the Day

The corn market closed mixed as Dec continues to lose open interest for deliveries. The more active contracts rallied a nickel from their lows and closed with 2 to 2 ½ cent gains. The March contract’s...

ZCZ23 : 452-0 (+0.50%)
ZCPAUS.CM : 4.2574 (+0.23%)
ZCH24 : 477-0 (+0.26%)
ZCK24 : 489-0 (unch)
Wheats Extend Bounce through Wednesday

Front month wheat futures were 1.7% to 4.4% higher on the day, led by the December HRW contract. Open interest in the Dec contracts is falling ahead of First Notice Day. At the close HRW futures were 16...

ZWZ23 : 555-4 (unch)
ZWH24 : 584-2 (-0.26%)
KEZ23 : 632-0 (-1.25%)
MWZ23 : 694-4 (-0.32%)
Beans Neutral to Product Weakness

Soybeans initially started the midweek session with weakness, but rallied back to close fractionally mixed. Jan futures stayed in a 15 cent range on the day. Soymeal futures were near their lows for the...

ZMF24 : 425.0 (-0.47%)
ZLF24 : 52.94 (+0.57%)
CSZ23 : 210-0s (-9.09%)
ZSF24 : 1345-0 (-0.15%)
ZSPAUS.CM : 12.8702 (-0.18%)
ZSH24 : 1363-6 (-0.13%)
ZSK24 : 1376-4 (-0.16%)
Grain Spreads: Day Two Profit Taking Wheat

Funds Amid China Rumors

Shootin' the Bull about laying blame

The blaming of others, and excuses for not managing risk, continues to be rampant.  Regardless of which fallacy you subscribe to, and there are a lot, this is a market and markets can be irrational, and...

Soy Mostly Fading on Wednesday

The products are trading lower through midday, with a mixed soybean board. Beans are 2c higher in the Jan and fractionally mixed through July. The new crop beans are fractionally to 1 ½ cents red at midday....

ZMF24 : 425.0 (-0.47%)
ZLF24 : 52.94 (+0.57%)
ZSF24 : 1345-0 (-0.15%)
ZSPAUS.CM : 12.8702 (-0.18%)
ZSH24 : 1363-6 (-0.13%)
ZSK24 : 1376-4 (-0.16%)
Double Digit Rally for Wednesday Wheat

Midday wheat futures are rallying after the export interest. CBoT prices are 12 to 13 cents in the black. KC prices are 18 to 19 ½ cents stronger. Midday MGE prices are up by 14 ½ cents. The Minneapolis...

ZWZ23 : 555-4 (unch)
ZWH24 : 584-2 (-0.26%)
KEZ23 : 632-0 (-1.25%)
MWZ23 : 694-4 (-0.32%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 641-4
2nd Resistance Point 641-4
1st Resistance Point 641-4
Last Price 641-4s
1st Support Level 641-4
2nd Support Level 641-4
3rd Support Level 641-4

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52-Week High 949-4
Fibonacci 61.8% 805-6
Fibonacci 50% 761-3
Fibonacci 38.2% 717-0
Last Price 641-4s
52-Week Low 573-2

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