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Wheat Sep '24 (ZWU24)

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Wheat Futures Market News and Commentary

Wheat Falls from Double Digit Morning Gains to End the Session Lower

The wheat complex quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board.  Kansas City futures were down 5 ½ to 8 ¼ cents on the day. MPLS spring wheat futures closed with most relevant contracts down 6 to 7 ¾ cents.

The first day of the HRW Wheat Quality Tour showed an average yield of 49.9 bpa. That is well above the 29.8 from last year and higher than the prior 3-year average of 42.8 bpa. The tour also estimates the NE crop at 48 bpa, with production totaling 40.8 mbu, as CO yield was seen at 44 bpa and 72 mbu for production. Day 2 of the tour covers more of the drought-stricken areas in western KS, with results seen later tonight.

Weekly Export Sales data on Thursday is expected to show net reductions of 100,000 to net sales of 100,000 MT for the 23/24 MY. New crop bookings are expected to total between 300,000 MT 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
$2,200/2,000
First Notice Date
08/30/24 (106 days)
Expiration Date
09/13/24 (120 days)

Seasonal Chart

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

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
135,193 (+2,429)
108,188 (+7,986)
Non-Commercials - Long / Short
122,686 (+1,797)
140,471 (-4,874)
Producers - Long / Short
43,305 (-386)
79,154 (+5,762)
Swap Dealers - Long / Short
70,250 (+546)
7,396 (-45)
Managed Money - Long / Short
79,301 (+805)
123,848 (-4,277)
Other Reportables - Long / Short
43,385 (+992)
16,623 (-597)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
567-4 +22.25%
on 04/18/24
716-6 -3.21%
on 05/15/24
+113-0 (+19.46%)
since 04/16/24
3-Month
550-0 +26.14%
on 03/06/24
716-6 -3.21%
on 05/15/24
+123-2 (+21.60%)
since 02/16/24
52-Week
550-0 +26.14%
on 03/06/24
796-2 -12.87%
on 07/25/23
-9-2 (-1.32%)
since 05/16/23

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Grain Markets: Will Global Production Issues Continue to Push Wheat Prices Higher?

In my interview today with Michelle Rook on AgWeb's Markets Now I spoke about the recent move higher in wheat, soybean, and corn prices. I also discussed crude oil, interest rates, and the cattle markets....

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Soybeans slipped into the close, as contracts settled with losses of a penny to 4 ¾ cents after NOPA reported an ugly April crush number. Soymeal futures were down $1.60 to $2.70/ton at the close. Soy...

ZMN24 : 369.2 (-0.67%)
ZLN24 : 43.52 (-0.07%)
ZSN24 : 1210-0 (-0.29%)
ZSPAUS.CM : 11.5070 (-0.09%)
ZSQ24 : 1213-2 (-0.25%)
ZSX24 : 1198-4 (-0.21%)
ZSPX24US.CM : 11.3923 (-0.35%)
Wheat Falls from Double Digit Morning Gains to End the Session Lower

The wheat complex quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board....

ZWN24 : 674-0 (+1.24%)
ZWU24 : 694-4 (+1.24%)
KEN24 : 684-6 (+1.44%)
KEU24 : 696-6 (+1.16%)
MWN24 : 733-0 (+0.83%)
Corn Falters to Weakness on Wednesday

Corn futures faded the early gains on Wednesday, with contracts closing anywhere from 2 1/4 to 5 cents lower. Weather through the weekend shows much of the WCB drier, with portions of the Southern ECB...

ZCN24 : 462-6 (+0.05%)
ZCPAUS.CM : 4.3919 (-1.09%)
ZCU24 : 473-4 (+0.05%)
ZCZ24 : 487-0 (unch)
ZCPZ24US.CM : 4.5792 (-0.83%)
Pure Hedge - Livestock and Grain

Grains Break Hard Off the Highs- Livestock Mixed

Corn Fades Off Early Strength to Midday Losses

Corn shot higher in early morning trade, but are fading lower on Wednesday. Contracts are down 3 to 4 cents across most nearby months at midday. EIA data from this morning showed that 1 million barrels...

ZCN24 : 462-6 (+0.05%)
ZCPAUS.CM : 4.3919 (-1.09%)
ZCU24 : 473-4 (+0.05%)
ZCZ24 : 487-0 (unch)
ZCPZ24US.CM : 4.5792 (-0.83%)
Soybeans Holding Above UNCH Despite Bearish NOPA Data

Soybeans are holding above steady on the midweek session, as contracts are up 1 to 5 ¾ cents despite an ugly April crush number from NOPA. Soymeal futures are up 50 cents/ton. Soy Oil is back 62 to 67...

ZMN24 : 369.2 (-0.67%)
ZLN24 : 43.52 (-0.07%)
ZSN24 : 1210-0 (-0.29%)
ZSPAUS.CM : 11.5070 (-0.09%)
ZSQ24 : 1213-2 (-0.25%)
ZSX24 : 1198-4 (-0.21%)
ZSPX24US.CM : 11.3923 (-0.35%)
Wheat Well Off Session Highs at Midday

The wheat complex is fading the early double digit gains with losses reported at midday. Chicago contracts are down 5 to 6 cents in the front months. Kansas City futures are down 5 to 7 cents at the midday...

ZWN24 : 674-0 (+1.24%)
ZWU24 : 694-4 (+1.24%)
KEN24 : 684-6 (+1.44%)
KEU24 : 696-6 (+1.16%)
MWN24 : 733-0 (+0.83%)
Keurig Dr Pepper Stock: Analyst Estimates & Ratings

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KDP : 33.81 (-1.05%)
$SPX : 5,308.15 (+1.17%)
XLP : 77.30 (+0.06%)
WFC : 62.34 (+0.73%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 740-7
2nd Resistance Point 728-7
1st Resistance Point 707-3
Last Price 694-2
1st Support Level 673-7
2nd Support Level 661-7
3rd Support Level 640-3

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52-Week High 796-2
Fibonacci 61.8% 702-1
Last Price 694-2
Fibonacci 50% 673-1
Fibonacci 38.2% 644-1
52-Week Low 550-0

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