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Hard Red Wheat Dec '23 (KEZ23)

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Hard Red Wheat Futures Market News and Commentary

Wheat Still Strong Heading Into Holiday Weekend

The wheat complex went home with mixed on Friday, as profit taking ahead of the Memorial Day weekend nudged the July and September CBT contracts into negative territory. Everything else was up. Chicago settled ¾ lower to 2 higher. Kansas City futures were up 8 ½ to 11 ¼ going home. MPLS spring wheat contracts gained 7 ¼ to 10 ¼ cents from Thursday to Friday, with nearby July up a stout 5.8% for the week.  

Total wheat (and products) shipped and unshipped sales are now at 97% of USDA’s forecasted total, with just a couple weeks left in the MY. The average pace is for 105% in commitments by now, though actual Census shipping data is running well ahead. Looking ahead towards new crop, FAS data has 3.49 MMT in forward sales, which is 58% above the same point compared to last year.

Friday’s Commitment of Traders report indicated spec traders in Chicago wheat cutting another 3,658 contracts from their net short position to 24,593 contracts by May 21, the smallest since October... 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
$2,310/2,100
First Notice Date
11/30/23
Expiration Date
12/14/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of May 21, 2024

View Chart Details
Commercials - Long / Short
108,235 (+2,291)
89,251 (-848)
Non-Commercials - Long / Short
57,587 (+1,953)
70,005 (+3,572)
Producers - Long / Short
42,012 (+4,178)
79,059 (-1,540)
Swap Dealers - Long / Short
57,489 (-2,556)
1,458 (+23)
Managed Money - Long / Short
40,743 (+1,919)
57,035 (+1,305)
Other Reportables - Long / Short
16,844 (+34)
12,970 (+2,267)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
587-4 +6.68%
on 11/28/23
673-0 -6.87%
on 12/07/23
-13-0 (-2.03%)
since 11/14/23
3-Month
587-4 +6.68%
on 11/28/23
748-4 -16.27%
on 09/15/23
-109-6 (-14.90%)
since 09/14/23
52-Week
587-4 +6.68%
on 11/28/23
936-0 -33.04%
on 07/25/23
-217-6 (-25.78%)
since 12/14/22

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ZWN24 : 697-2s (-0.11%)
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ZCPZ24US.CM : 4.5886 (+0.50%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 626-6
2nd Resistance Point 626-6
1st Resistance Point 626-6
Last Price 626-6s
1st Support Level 626-6
2nd Support Level 626-6
3rd Support Level 626-6

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52-Week High 936-0
Fibonacci 61.8% 802-7
Fibonacci 50% 761-6
Fibonacci 38.2% 720-5
Last Price 626-6s
52-Week Low 587-4

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