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Hard Red Wheat Sep '22 (KEU22)

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Hard Red Wheat Futures Market News and Commentary

Midday Wheats Higher for Friday

Wheat futures are trading off their highs so far for the midday prints. December SRW had gotten to within 4 cents of the $9/bu mark, but futures are fractionally to 3 1/2 cents higher at midday. KC wheat prices are 10-14 cents off their highs as well, but are still up by 4 to 9 cents. Front month MPLS wheat prices are gaining 3 to 5 cents through Friday’s midday.

Going into the WASDE report on Wednesday, analysts expect USDA to cut the 22/23 wheat carry-out by 47.5 mbu to 562. That comes via wide expectations from 477 on the low end to 637 on the high end. Global wheat stocks have a tighter 8 MMT expected range, from 262.6 MMT to 270 MMT, with the average of estimates for a 700k MT cut to 267.9. 

The Grain Industry Association of Western Australia expects wheat output to reach 12.1 MMT from the West, up from their prior estimate of 10.75 MMT. Argentina has missed out on most of the recent rainfall, leading BAGE to cut the wheat crop forecast to 17.5 MMT from 20.5 MMT rep... 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
$3,740/3,400
First Notice Date
08/31/22
Expiration Date
09/14/22 (expired)

Seasonal Chart

Hard Red Wheat Sep '22
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Oct 4, 2022

View Chart Details
Commercials - Long / Short
67,529 (-228)
86,456 (-7)
Non-Commercials - Long / Short
45,050 (-574)
23,270 (-1,204)
Producers - Long / Short
30,600 (+89)
74,952 (+1,332)
Swap Dealers - Long / Short
33,803 (-608)
8,378 (-1,630)
Managed Money - Long / Short
36,053 (-884)
10,494 (-2,739)
Other Reportables - Long / Short
8,997 (+310)
12,776 (+1,535)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
807-4 +19.07%
on 08/18/22
963-4 -0.21%
on 09/14/22
+72-2 (+8.12%)
since 08/12/22
3-Month
807-4 +19.07%
on 08/18/22
1166-6 -17.59%
on 06/16/22
-187-6 (-16.34%)
since 06/14/22
52-Week
697-2 +37.90%
on 09/21/21
1380-0 -30.33%
on 05/17/22
+252-0 (+35.52%)
since 09/14/21

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Midday Wheats Higher for Friday

Wheat futures are trading off their highs so far for the midday prints. December SRW had gotten to within 4 cents of the $9/bu mark, but futures are fractionally to 3 1/2 cents higher at midday. KC wheat...

ZWZ22 : 880-2s (+0.14%)
ZWH23 : 895-0s (+0.25%)
ZWPAES.CM : 8.1347 (+0.21%)
KEZ22 : 968-6s (+0.39%)
KEPAWS.CM : 9.2660 (+0.41%)
MWZ22 : 968-0s (+0.57%)
Soy Market in Black at Midday

Soybean futures are trading 3 to 8 3/4 cents higher in the front months so far for the last trade day of the week. November prices are sitting as a net 1 1/2 cent gain for the week through midday. Soymeal...

ZSX22 : 1367-0s (+0.66%)
ZSPAUS.CM : 13.1679 (+0.64%)
ZSF23 : 1379-2s (+0.64%)
ZSH23 : 1389-0s (+0.58%)
Corn Gaining for Weekend

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ZCZ22 : 683-2s (+1.15%)
ZCPAUS.CM : 6.6496 (+1.21%)
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TFM Midday Update 10-7-2022

TFM Cash+ Take the Stress Out of Your Marketing Strategy. No hedge account. No margin calls. Just comprehensive, common-sense guidance at a great value. Learn more: https://www.totalfarmmarketing.com/tfm-cash-plus/...

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ZSPAUS.CM : 13.1679 (+0.64%)
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Bean Prices Holding onto Overnight Gains

Soybean prices are fractionally to 2 1/2 cents in the black as the morning trade has the board off the highs. Yesterday the soybean futures market closed with 3 3/4 to 11 3/4 cent losses. Meal futures...

ZSX22 : 1367-0s (+0.66%)
ZSPAUS.CM : 13.1679 (+0.64%)
ZSF23 : 1379-2s (+0.64%)
ZSH23 : 1389-0s (+0.58%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 974-7
2nd Resistance Point 969-1
1st Resistance Point 965-3
Last Price 961-4s
1st Support Level 955-7
2nd Support Level 950-1
3rd Support Level 946-3

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52-Week High 1380-0
Fibonacci 61.8% 1119-2
Fibonacci 50% 1038-5
Last Price 961-4s
Fibonacci 38.2% 958-0
52-Week Low 697-2

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