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Wheat May '26 (ZWK26)

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Wheat Futures Market News and Commentary

Wheat Bouncing Back Early on Friday

Wheat is trading with early Friday AM gains, as the winter wheats lead the way. The wheat complex was under pressure across the three exchanges at the close. Chicago SRW futures saw weakness on Thursday, with contracts down 2 to 3 cents. Open interest was down 349 contracts on Thursday. KC HRW futures were 5 to 5 cents in the red on Thursday. OI rose 1,299 contracts. MPLS spring wheat was down 4 to 5 cents across the front months at the close.

The markets will be off on Monday for the Martin Luther King Jr. Day holiday. They will open back up on Monday evening. 

Export Sales from Thursday showed wheat bookings at just 156,255 MT in the week of 1/8. The top buyer was unknown destinations at 72,000 MT, with 61,500 MT sold to the Philippines. Sales for 2026/27 were net reductions of 26 MT.

A South Korean importer purchased 92,300 MT of US wheat in Thursday’ tender. 

Expana increased their EU wheat production forecast by 0.3 MMT to 128.6 MMT, but also trimmed the... 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
$1,815/1,650
First Notice Date
04/30/26 (104 days)
Expiration Date
05/14/26 (118 days)

Seasonal Chart

Wheat May '26
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Jan 6, 2026

View Chart Details
Commercials - Long / Short
183,409 (+8,192)
98,439 (-6,802)
Non-Commercials - Long / Short
127,991 (-4,124)
216,082 (+12,976)
Producers - Long / Short
85,292 (+4,127)
64,627 (-6,944)
Swap Dealers - Long / Short
73,321 (+4,113)
9,016 (+190)
Managed Money - Long / Short
90,051 (-5,323)
199,534 (+6,964)
Other Reportables - Long / Short
37,940 (+1,199)
16,548 (+6,012)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
513-2 +3.46%
on 01/02/26
538-6 -1.44%
on 01/12/26
+11-4 (+2.21%)
since 12/16/25
3-Month
513-2 +3.46%
on 01/02/26
576-4 -7.89%
on 11/05/25
+1-4 (+0.28%)
since 10/16/25
52-Week
513-2 +3.46%
on 01/02/26
681-4 -22.08%
on 02/19/25
-88-6 (-14.32%)
since 01/16/25

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Wheat Bouncing Back Early on Friday

Wheat is trading with early Friday AM gains, as the winter wheats lead the way. The wheat complex was under pressure across the three exchanges at the close. Chicago SRW futures saw weakness on Thursday,...

KEK26 : 539-4 (+2.03%)
KEH26 : 528-6 (+2.22%)
MWH26 : 5.6850 (+1.07%)
ZWH26 : 520-4 (+1.96%)
ZWK26 : 531-0 (+1.82%)
What Was "In" Market Discussions Friday Morning?

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Wheat Falls Lower on Thursday

The wheat complex was under pressure across the three exchanges at the close. Chicago SRW futures saw weakness on Thursday, with contracts down 2 to 3 cents. KC HRW futures were 5 to 5 cents in the red...

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KEH26 : 528-6 (+2.22%)
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ZWK26 : 531-0 (+1.82%)
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ZLH26 : 52.74 (-0.43%)
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ZSH26 : 1055-4 (+0.24%)
ZSK26 : 1066-6 (+0.23%)
Pure Hedge - Livestock and Grain

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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 533-7
2nd Resistance Point 531-1
1st Resistance Point 526-3
Last Price 531-0
1st Support Level 518-7
2nd Support Level 516-1
3rd Support Level 511-3

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52-Week High 681-4
Fibonacci 61.8% 617-2
Fibonacci 50% 597-3
Fibonacci 38.2% 577-4
Last Price 531-0
52-Week Low 513-2

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