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Hard Red Wheat Jul '23 (KEN23)
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Hard Red Wheat Futures Market News and Commentary

Wheat Maintaining Rally through Thursday

The front month wheat futures are trading another 4 to 9 cents in the black for Thursday. Chicago futures are up by as much as 1.6%, while the HRW contracts are gaining 1.2% to 1.5%. Spring wheat futures in Minneapolis are up by 4 ½ to 7 cents so far. 

The weekly Export Sales report showed 356,412 MT of wheat was booked during the week that ended 11/30. That was a step back from the 622.8k MT sold last week but was inline with estimates and was above the 5-wk average. HRS bookings made up 151k MT of the total. Wheat commitments trail last year’s pace by 4.4% with 479.3 mbu on the books. 

Census reported 1.07 MMT of wheat was shipped during the month of October. That put the season’s official shipment at 7.25 MMT (266.4 mbu). That is the slowest pace since 69/70 and is 38% of the season’s forecasted sum. 

Wire sources suggest Pakistan is tendering for 110k MT of wheat. Bangladesh is on the market for 50k MT of milling wheat. Lebanon seeks 30k MT of milling wheat via... 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
$2,860/2,600
First Notice Date
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

Hard Red Wheat Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Nov 28, 2023

View Chart Details
Commercials - Long / Short
87,969 (-6,353)
51,340 (-5,010)
Non-Commercials - Long / Short
59,802 (+5,244)
94,237 (+3,402)
Producers - Long / Short
38,224 (-3,164)
38,472 (-3,010)
Swap Dealers - Long / Short
40,528 (-991)
3,651 (+198)
Managed Money - Long / Short
39,172 (+3,173)
88,838 (+4,492)
Other Reportables - Long / Short
20,630 (+2,071)
5,399 (-1,090)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
784-0 +3.22%
on 06/15/23
891-2 -9.20%
on 06/22/23
+23-4 (+2.99%)
since 06/14/23
3-Month
736-2 +9.92%
on 05/02/23
918-6 -11.92%
on 05/17/23
-54-0 (-6.26%)
since 04/14/23
52-Week
736-2 +9.92%
on 05/02/23
1007-0 -19.64%
on 10/10/22
-36-4 (-4.32%)
since 07/14/22

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Wheat Maintaining Rally through Thursday

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Wheat Fades to Red for Midweek Close

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Midweek Corn Falls 6c

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ZSK24 : 1344-2s (+1.07%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 809-2
2nd Resistance Point 809-2
1st Resistance Point 809-2
Last Price 809-2s
1st Support Level 809-2
2nd Support Level 809-2
3rd Support Level 809-2

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52-Week High 1007-0
Fibonacci 61.8% 903-5
Fibonacci 50% 871-5
Fibonacci 38.2% 839-5
Last Price 809-2s
52-Week Low 736-2

See More

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