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Spring Wheat Sep '23 (MWU23)

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Spring Wheat Futures Market News and Commentary

Wheat Rallies the Limit on Tuesday as USDA Releases Production Updates

The wheat complex was in rally mode on Tuesday, hitting the limit in a few contracts. Chicago SRW was up as little as 13 ½ cents in the deferreds to the 45 cent limit in July. KC HRW futures rallied from 27 ¼ cents higher to the limit in the front months on Tuesday. MPLS spring wheat joined in on the rally, with contracts up 17 ½ to 37 ½ cents. The CBT and KC markets will have expanded limits of 70 cents on Wednesday. 

The USDA Crop Production report from this morning showed winter wheat production at 1.048 bbu, which was well below estimates of 1.211 bbu. HRW production was seen at 514.8 mbu, with SRW at 300.9 mbu and white winter at 231.8 mbu. All wheat production was 1.561 bbu, 186 mbu below the average estimate.

The May WASDE showed old crop stocks at 935 mbu, which was down 3 mbu from the April total, on a 7 mbu cut to food and 10 mbu increase to exports. New crop US stocks were seen at 762 mbu, compared to estimates of 845 mbu, mainly on the lower production. World... Read more

Contract Specifications

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Contract
Hard Red Spring Wheat
Contract Size
5,000 bushels
Tick Size
0.0025 dollars per bushel ($12.50 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Sun-Fri) CST
Exchange
MIAX
Point Value
$5,000
Margin/Maintenance
$1,925/1,750
First Notice Date
08/31/23
Expiration Date
09/14/23 (expired)

Seasonal Chart

Spring Wheat Sep '23
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of May 5, 2026

View Chart Details
Commercials - Long / Short
32,165 (+1,264)
65,629 (+2,799)
Non-Commercials - Long / Short
37,655 (+1,253)
4,276 (+743)
Producers - Long / Short
27,655 (+1,151)
65,628 (+3,006)
Swap Dealers - Long / Short
4,509 (+320)
0 (unch)
Managed Money - Long / Short
31,532 (+1,484)
2,461 (+79)
Other Reportables - Long / Short
6,123 (-231)
1,815 (+664)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
732-4 +2.76%
on 09/05/23
805-2 -6.52%
on 08/15/23
-52-6 (-6.55%)
since 08/14/23
3-Month
732-4 +2.76%
on 09/05/23
947-6 -20.58%
on 07/25/23
-55-0 (-6.81%)
since 06/14/23
52-Week
732-4 +2.76%
on 09/05/23
981-0 -23.27%
on 10/10/22
-168-2 (-18.27%)
since 09/14/22

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Pure Hedge - Livestock and Grain

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 753-1
2nd Resistance Point 753-1
1st Resistance Point 752-7
Last Price 752-6s
1st Support Level 752-5
2nd Support Level 752-5
3rd Support Level 752-3

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52-Week High 981-0
Fibonacci 61.8% 886-1
Fibonacci 50% 856-6
Fibonacci 38.2% 827-3
Last Price 752-6s
52-Week Low 732-4

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