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Hard Red Wheat Jul '24 (KEN24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Falls as USDA Hikes Supply Estimates

The wheat complex posted Friday losses to close the week. CBT soft red wheat futures were down 8 to 11 cents on Friday, as December saw a ½ cent loss this week. KC HRW futures were 10 to 12 cents in the red at the close, with December 4 cents lower since last Friday. MPLS spring wheat futures were down 5 to 7 cents on Friday, as December held onto a weekly gains of 6 ¾ cents.

USDA showed US ending stocks for 2025/26 another 57 mbu higher to 901 mbu, That mainly came as production was increased by 58 mbu to 1.985 bbu as we found in the Small Grains Summary on September 30.  The demand side of the balance sheet was left unchanged.

World ending stocks were 7.37 MMT higher, taking the total to 271.43 MMT. That came as world production was up 12.69 MMT to 828.89 MMT, with Argentina (+2.5 MMT), Australia (+1.5 MMT), Canada (+1 MMT), Russia (1.5 MMT), the US all seeing an increase.  

Daily Export Sales announcements from USDA were released this morning from the backlog th... Read more

Contract Specifications

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Contract
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
CBOT
Point Value
$50
Margin/Maintenance
$1,760/1,600
First Notice Date
06/28/24
Expiration Date
07/12/24 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Sep 23, 2025

View Chart Details
Commercials - Long / Short
124,961 (+434)
93,849 (-1,269)
Non-Commercials - Long / Short
86,620 (+3,161)
117,482 (+4,603)
Producers - Long / Short
55,734 (+1,681)
85,966 (+751)
Swap Dealers - Long / Short
64,248 (+182)
2,904 (-591)
Managed Money - Long / Short
59,282 (+3,507)
109,464 (+3,153)
Other Reportables - Long / Short
27,338 (-346)
8,018 (+1,450)
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Price Performance

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Period Period Low Period High Performance
1-Month
566-4 +6.62%
on 07/10/24
641-4 -5.85%
on 06/13/24
-33-2 (-5.22%)
since 06/12/24
3-Month
566-4 +6.62%
on 07/10/24
746-2 -19.06%
on 05/28/24
+17-0 (+2.90%)
since 04/12/24
52-Week
543-2 +11.18%
on 03/06/24
873-0 -30.81%
on 07/25/23
-163-6 (-21.33%)
since 07/12/23

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Wheat Falls as USDA Hikes Supply Estimates

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Wheat Reverting Lower as USDA Hikes World Production

The wheat complex is falling back into losses on Friday. CBT soft red wheat futures are down 9 to 11 cents as the market trades on Friday. KC HRW futures are 10 to 12 cents in the red at midday. MPLS spring...

KEH26 : 531-0s (-2.21%)
KEZ25 : 515-2s (-2.00%)
MWZ25 : 5.6475s (-0.88%)
ZWZ25 : 527-2s (-1.59%)
ZWH26 : 541-4s (-1.95%)
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ZCZ25 : 430-2s (-2.55%)
ZCH26 : 444-0s (-2.52%)
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Soybeans are trading with Friday losses of 12 to 16 cents. There were 38 deliveries issued for November futures overnight, with the contract expiring today. The cmdtyView national average Cash Bean price...

ZSPAUS.CM : 10.5016 (-2.12%)
ZLF26 : 50.49s (-0.14%)
ZMF26 : 324.6s (-1.73%)
ZSX25 : 1112-6s (-1.70%)
ZSF26 : 1124-4s (-1.96%)
ZSH26 : 1136-0s (-1.79%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 612-0
2nd Resistance Point 608-0
1st Resistance Point 606-0
Last Price 604-0s
1st Support Level 600-0
2nd Support Level 596-0
3rd Support Level 594-0

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52-Week High 873-0
Fibonacci 61.8% 747-0
Fibonacci 50% 708-1
Fibonacci 38.2% 669-2
Last Price 604-0s
52-Week Low 543-2

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