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Wheat May '26 (ZWK26)

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Wheat Futures Market News and Commentary

Wheat Rallying Back on Thursday

The wheat complex is in rally mode on Thursday with the hard red contracts pushing higher. Chicago SRW futures are 2 to 3 cents in the green. KC HRW futures are 9 to 10 cents higher at midday. MPLS spring wheat is up 8 to 9 ½ cents on Thursday.

Export Sales data from this morning for the week ending on November 27 showed 460,655 MT of wheat sales in that week. That was in the middle of the 250,000-600,000 MT trade estimates. That was a 27.4% increase from last week and 21.8% larger than the same week last year.

Backlogged Commitment of Traders data showed managed money slashing 9,905 contracts from their net short position in the week ending on December 2, with the CBT wheat net short at 43,841 contracts of futures and options. In KC wheat, they were trimming the net short by 4,153 contracts to 17,911 contracts. 

Expana estimates the EU soft wheat crop at 128.3 MMT for 2026/27, a drop of 8.5 MMT from last year if realized. SovEcon estimates the 2026 Russian wheat 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
$1,815/1,650
First Notice Date
04/30/26 (133 days)
Expiration Date
05/14/26 (147 days)

Seasonal Chart

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

Commitment of Traders Positions as of Dec 2, 2025

View Chart Details
Commercials - Long / Short
139,402 (-12,896)
108,079 (-2,065)
Non-Commercials - Long / Short
116,502 (+10,940)
142,933 (+2,005)
Producers - Long / Short
55,046 (-14,429)
78,218 (+344)
Swap Dealers - Long / Short
66,918 (+3,831)
12,423 (-111)
Managed Money - Long / Short
86,969 (+10,980)
133,611 (+1,216)
Other Reportables - Long / Short
29,533 (-40)
9,322 (+789)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
515-4 +0.63%
on 12/17/25
571-0 -9.15%
on 11/19/25
-49-6 (-8.75%)
since 11/18/25
3-Month
515-4 +0.63%
on 12/17/25
576-4 -10.02%
on 11/05/25
-35-2 (-6.36%)
since 09/18/25
52-Week
515-4 +0.63%
on 12/17/25
681-4 -23.88%
on 02/19/25
-91-6 (-15.03%)
since 12/18/24

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Corn Posting Thursday Gains

Corn futures are trading with 3 to 4 ½ cent gains across most contracts on Thursday. The CmdtyView national average Cash Corn price is up 3 3/4 cents to $3.99 1/2. Export Sales data was updated for the...

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 452-2s (+1.01%)
ZCH26 : 444-4s (+0.91%)
ZCPAUS.CM : 3.9923 (+0.90%)
Wheat Rallying Back on Thursday

The wheat complex is in rally mode on Thursday with the hard red contracts pushing higher. Chicago SRW futures are 2 to 3 cents in the green. KC HRW futures are 9 to 10 cents higher at midday. MPLS spring...

KEK26 : 529-2s (+1.73%)
KEH26 : 517-0s (+1.82%)
MWH26 : 5.7300s (+1.96%)
ZWH26 : 507-6s (+0.30%)
ZWK26 : 518-6s (+0.29%)
Soybeans Extending Weakness to Thursday

Soybeans are trading with Thursday losses of 4 to 5 ¼ cents at midday. The cmdtyView national average Cash Bean price is 4 1/4 cents lower at $9.83. Soymeal futures are $1 to $1.30 lower, with Soy Oil...

ZSPAUS.CM : 9.8126 (-0.60%)
ZLH26 : 48.62s (-0.88%)
ZMH26 : 302.3s (+0.10%)
ZSX25 : 1112-6s (-1.70%)
ZSF26 : 1052-2s (-0.57%)
ZSH26 : 1062-0s (-0.63%)
How Much Higher Will Corn Prices Climb?

March corn futures present a buying opportunity on more price strength.

ZCH26 : 444-4s (+0.91%)
Corn Futures Find Their Footing

Corn futures were able to stage an impressive recovery yesterday, can the momentum continue, or will the relief rally fizzle out against resistance?

Wheat Starting Thursday with Strength

Wheat is showing mostly higher trade on Thursday morning. The wheat complex posted mixed action on Wednesday, with HRW holding higher. Chicago SRW futures were down 2 to 3 ¼ cents on the day. Open interest...

KEK26 : 529-2s (+1.73%)
KEH26 : 517-0s (+1.82%)
MWH26 : 5.7300s (+1.96%)
ZWH26 : 507-6s (+0.30%)
ZWK26 : 518-6s (+0.29%)
Soybeans Slipping to Start Thursday Trade

Soybeans are steady to down 1 ½ cents so far on Thursday morning. Contracts posted Wednesday losses of 3 to 4 ½ cents at the close. Open interest dropped 939 contracts on Wednesday. The cmdtyView national...

ZSPAUS.CM : 9.8126 (-0.60%)
ZLH26 : 48.62s (-0.88%)
ZMH26 : 302.3s (+0.10%)
ZSX25 : 1112-6s (-1.70%)
ZSF26 : 1052-2s (-0.57%)
ZSH26 : 1062-0s (-0.63%)
Corn Bulls Continue Back to Push Higher on Thursday Morning

Corn price action is steady to up 1 ¾ cents so far. Futures posted gains of 2 to 4 ½ cents on Wednesday. Preliminary open interest was up 2,852 contracts. Demand continues to be solid, with record ethanol...

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 452-2s (+1.01%)
ZCH26 : 444-4s (+0.91%)
ZCPAUS.CM : 3.9923 (+0.90%)
WALSH PURE SPREADER - MAR-JULY ’26 SOYBEAN-OIL SPREAD

Pure Hedge Division - (ZLH26-ZLN26)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 526-5
2nd Resistance Point 523-7
1st Resistance Point 521-3
Last Price 518-6s
1st Support Level 516-1
2nd Support Level 513-3
3rd Support Level 510-7

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52-Week High 681-4
Fibonacci 61.8% 618-1
Fibonacci 50% 598-4
Fibonacci 38.2% 578-7
Last Price 518-6s
52-Week Low 515-4

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