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Hard Red Wheat Jul '24 (KEN24)

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Hard Red Wheat Futures Market News and Commentary

Wheat Turns Around to Close Mixed on Thursday

Wheat futures were mixed across the three exchanges on Thursday, as the hard red contracts held up. Chicago SRW futures were down 3 to 4 cents in the front months at the close, pressured by a wet forecast. Kansas City HRW contracts rallied off early weakness into the close, up 1 to 2 cents at the final bell. MPLS spring wheat was firmer, up 2 to 4 cents to close out the Thursday session. 

Rains forecast for the next week are seen totaling 1 to 3 inches in much of SRW country. HRW regions are relatively dry, with exceptions to eastern portions of the Southern Plains.

USDA’s Export Sales data was released this morning, showing just 100,325 MT in 2024/25 sales in the week of 3/20. That was still above the week prior’s net reductions. Japan was the largest buyer of 72,000 MT, with 53,400 MT sold to Nigeria. There was also 125,500 MT in net reductions for unknown destinations (mostly switched to a destination). New crop wheat sales were shy of 100,000 to 300,000 MT estimates,... 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
$2,090/1,900
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 Mar 18, 2025

View Chart Details
Commercials - Long / Short
128,436 (-5,466)
96,491 (+2,144)
Non-Commercials - Long / Short
55,013 (+2,120)
84,666 (-4,421)
Producers - Long / Short
39,926 (-5,961)
83,581 (+921)
Swap Dealers - Long / Short
80,925 (-751)
5,325 (-23)
Managed Money - Long / Short
30,378 (-791)
76,076 (-3,013)
Other Reportables - Long / Short
24,635 (+2,911)
8,590 (-1,408)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

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 Turns Around to Close Mixed on Thursday

Wheat futures were mixed across the three exchanges on Thursday, as the hard red contracts held up. Chicago SRW futures were down 3 to 4 cents in the front months at the close, pressured by a wet forecast....

KEN25 : 574-2 (-0.95%)
MWK25 : 585-6 (-0.47%)
KEK25 : 560-4 (-1.02%)
ZWK25 : 527-6 (-0.80%)
ZWN25 : 543-4 (-0.69%)
Corn Pulls Off Lows, Still Closes in the Red

Corn futures posted fractional to 1 ¼ cent losses on Thursday, as contracts pulled off the early weakness. The CmdtyView national average Cash Corn price was down by a penny on the day at $4.16. Export...

ZCZ25 : 442-2 (-0.34%)
ZCPAUS.CM : 4.1592 (-0.23%)
ZCPZ25US.CM : 4.0857 (-0.19%)
ZCK25 : 447-2 (-0.61%)
ZCN25 : 455-2 (-0.60%)
Soybeans Rally on Thursday with Soy Oil Support

Soybeans posted Thursday of 13 to 16 cents across most contracts. CmdtyView’s national front month Cash Bean price is up 18 cents at $9.60 1/2. Soymeal futures closed the Thursday session with contracts...

ZSPX25US.CM : 9.5835 (+1.49%)
ZLK25 : 44.37 (+0.23%)
ZMK25 : 293.4 (-0.37%)
ZSPAUS.CM : 9.5949 (+1.91%)
ZSK25 : 1015-0 (-0.17%)
ZSX25 : 1018-4 (-0.20%)
ZSN25 : 1028-2 (-0.22%)
A Mixed Day in Grains and a STRONG Day in Cattle

Grain markets were mixed today with soybeans posting an impressive gain. Cattle markets were weaker but found their footing thanks to rumors of a sharply higher cash trade in the making.

Shootin' the Bull about positive basis

Skepticism continues to be expressed by futures traders in the form of the positive basis, and enormous volatility.

Monday Is a Major Day in the Grain Futures Markets. Here’s How You Should Be Positioned.

Big surprises from the USDA could quickly increase the volatility in the grains futures markets.

KGK25 : 0.6707s (+2.12%)
KEK25 : 560-4 (-1.02%)
MWK25 : 585-6 (-0.47%)
KEK25 : 560-4 (-1.02%)
ZSK25 : 1015-0 (-0.17%)
ZCK25 : 447-2 (-0.61%)
ZCK25 : 447-2 (-0.61%)
ZSK25 : 1015-0 (-0.17%)
Soybeans Finding Buyers

We look at our next level of interest for resistance after buyers step in supporting price at the Golden Zone.

ZSK25 : 1015-0 (-0.17%)
Corn Weakness Extends to Thursday

Corn futures are trading with midday losses on Thursday, as contracts are down 1 to 3 cents in the front months. The CmdtyView national average Cash Corn price is down 3 cents on the day at $4.14 3/4....

ZCZ25 : 442-2 (-0.34%)
ZCPAUS.CM : 4.1592 (-0.23%)
ZCPZ25US.CM : 4.0857 (-0.19%)
ZCK25 : 447-2 (-0.61%)
ZCN25 : 455-2 (-0.60%)
Soybeans Rallying with Soybean Oil Support

Soybeans are trading with 11 to 14 cents gains across the front months on Thursday. CmdtyView’s national front month Cash Bean price is up 14 cents at $9.56 1/2. Soymeal futures closed the midweek session...

ZSPX25US.CM : 9.5835 (+1.49%)
ZLK25 : 44.37 (+0.23%)
ZMK25 : 293.4 (-0.37%)
ZSPAUS.CM : 9.5949 (+1.91%)
ZSK25 : 1015-0 (-0.17%)
ZSX25 : 1018-4 (-0.20%)
ZSN25 : 1028-2 (-0.22%)

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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