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Hard Red Wheat Mar '24 (KEH24)
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Hard Red 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 March options are no longer active as the delivery process nears.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
KC Hard 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
KCBT
Point Value
$50
Margin/Maintenance
$2,420/2,200
First Notice Date
02/29/24 (6 days)
Expiration Date
03/14/24 (20 days)

Seasonal Chart

Hard Red Wheat Mar '24
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Feb 20, 2024

View Chart Details
Commercials - Long / Short
108,264 (-2,462)
74,140 (-7,155)
Non-Commercials - Long / Short
65,113 (+2,227)
96,658 (+6,155)
Producers - Long / Short
41,467 (+1,182)
61,383 (-2,154)
Swap Dealers - Long / Short
55,152 (+1,338)
1,112 (-19)
Managed Money - Long / Short
45,925 (+490)
85,869 (+6,178)
Other Reportables - Long / Short
19,188 (+1,737)
10,789 (-23)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
563-0 +1.02%
on 02/16/24
641-0 -11.27%
on 01/26/24
-48-6 (-7.89%)
since 01/23/24
3-Month
563-0 +1.02%
on 02/16/24
677-4 -16.05%
on 12/06/23
-55-4 (-8.89%)
since 11/22/23
52-Week
563-0 +1.02%
on 02/16/24
929-0 -38.78%
on 07/25/23
-289-4 (-33.73%)
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...

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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 Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 590-4
2nd Resistance Point 584-6
1st Resistance Point 576-6
Last Price 568-6s
1st Support Level 563-0
2nd Support Level 557-2
3rd Support Level 549-2

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52-Week High 929-0
Fibonacci 61.8% 789-2
Fibonacci 50% 746-0
Fibonacci 38.2% 702-6
Last Price 568-6s
52-Week Low 563-0

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