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Wheat May '24 (ZWK24)
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Wheat Futures Market News and Commentary

Wheat Maintains Weekly Gain Despite Friday Pullback

Wheat futures faded into the weekend, but held onto a weekly gain. Chicago futures were down by as much as a dime on Friday, though March was still up by 13 cents vs last Friday. KC wheat futures dropped by 5 to 8 cents on the last trade day of the week, though March held onto a weekly gain of 1 ½ cents. The March HRS/SRW spread now favors SRW with a 4 ¾ cent premium. March options are no longer active as the delivery process nears. Spring wheat futures finished out 7 ¾ to 9 ¾ cents weaker on Friday and a net 13 ¼ cents lower for the week. 

Weekly CFTC data showed managed money traders were 68.5k contracts net short in SRW wheat, a 13k contract stronger net short for the week after net new selling. Spec traders were also net sellers of HRW wheat during the week that ended 2/20. The group was reported with a 42k contract net short at the settle. The weekly CoT report had Minneapolis spec traders with a 24.2k contract net short in HRS as of 2/20, vs a 24.8k contract net short th... 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 (66 days)
Expiration Date
05/14/24 (80 days)

Seasonal Chart

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

Commitment of Traders Positions as of Feb 20, 2024

View Chart Details
Commercials - Long / Short
145,807 (+1,838)
96,201 (-14,008)
Non-Commercials - Long / Short
124,169 (-740)
168,808 (+14,892)
Producers - Long / Short
51,309 (+2,358)
73,366 (-12,671)
Swap Dealers - Long / Short
79,775 (+950)
8,112 (+133)
Managed Money - Long / Short
81,087 (+1,411)
152,405 (+14,849)
Other Reportables - Long / Short
43,082 (-2,151)
16,403 (+43)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
553-4 +2.80%
on 02/20/24
626-4 -9.18%
on 01/25/24
-37-6 (-6.22%)
since 01/23/24
3-Month
553-4 +2.80%
on 02/20/24
660-4 -13.85%
on 12/06/23
-30-2 (-5.05%)
since 11/22/23
52-Week
553-4 +2.80%
on 02/20/24
808-6 -29.64%
on 07/25/23
-219-0 (-27.79%)
since 02/23/23

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Wheat Maintains Weekly Gain Despite Friday Pullback

Wheat futures faded into the weekend, but held onto a weekly gain. Chicago futures were down by as much as a dime on Friday, though March was still up by 13 cents vs last Friday. KC wheat futures dropped...

ZWH24 : 573-4s (-1.67%)
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Wheats Red at Midday

Friday’s wheat market is working 6 to 10 cents weaker across the domestic classes. Chicago futures are 1.6% to 1.7% weaker. The KC HRW futures are down by 1.3%. The March HRW/SRW spread is still 7c premium...

ZWH24 : 573-4s (-1.67%)
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KEH24 : 568-6s (-0.91%)
MWH24 : 641-4s (-1.50%)
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ZCH24 : 399-6s (-1.54%)
ZCPAUS.CM : 3.8146 (-1.57%)
ZCK24 : 413-4s (-1.19%)
ZCN24 : 426-2s (-1.04%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 601-1
2nd Resistance Point 594-3
1st Resistance Point 581-5
Last Price 569-0s
1st Support Level 562-1
2nd Support Level 555-3
3rd Support Level 542-5

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52-Week High 808-6
Fibonacci 61.8% 711-2
Fibonacci 50% 681-1
Fibonacci 38.2% 651-0
Last Price 569-0s
52-Week Low 553-4

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