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Spring Wheat Mar '23 (MWH23)

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Spring Wheat Futures Market News and Commentary

Wheat Posting Double Digit Monday Morning Rally

The wheat complex is posting double digit gains of 14 to 19 cents across the three exchanges far on Monday morning. They posted weakness across the board on Friday. Chicago contracts were down 2 to 12 cents, led by the front months. Kansas City futures closed with contracts 4 ¼ to 11 ½ cents. MPLS spring wheat futures were down 7 ½ to 9 ¾ cents across the board.

The Kansas HRW Wheat Quality Tour saw tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate for the KS crop was 290.4 mbu, well above the USDA’s 267.9 from last week.

The large managed money spec funds in Chicago wheat futures and options cut another 14,109 contracts from their net short position as of May 14 to 28,251 contracts. That was the smallest net short they have held since October 2022. In KC wheat, they cut 6,746 contracts from their net short to 17,267 contracts as of Tuesday. 

Russia’s Grain Un... Read more

Contract Specifications

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Contract
Hard Red Spring 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. - 1:30p.m. (Sun-Fri) (Settles 1:30p.m.) CST
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$2,420/2,200
First Notice Date
02/28/23
Expiration Date
03/14/23 (expired)

Seasonal Chart

Spring Wheat Mar '23
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of May 14, 2024

View Chart Details
Commercials - Long / Short
24,819 (+374)
26,696 (+4,591)
Non-Commercials - Long / Short
12,309 (+590)
7,248 (-4,628)
Producers - Long / Short
20,917 (+399)
26,318 (+4,795)
Swap Dealers - Long / Short
3,583 (+109)
59 (-70)
Managed Money - Long / Short
9,544 (+945)
6,771 (-4,838)
Other Reportables - Long / Short
2,765 (-355)
477 (+210)
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Price Performance

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Period Period Low Period High Performance
1-Month
806-0 +4.90%
on 03/09/23
935-0 -9.57%
on 02/21/23
-86-4 (-9.28%)
since 02/14/23
3-Month
806-0 +4.90%
on 03/09/23
940-0 -10.05%
on 12/30/22
-71-6 (-7.82%)
since 12/14/22
52-Week
806-0 +4.90%
on 03/09/23
1390-2 -39.18%
on 05/17/22
-168-4 (-16.62%)
since 03/14/22

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Wheat Ends Friday with Double Digit Weakness

The wheat complex posted weakness across the board on Friday. Chicago contracts were down 2 to 12 cents, led by the front months. Kansas City futures closed with contracts 4 ¼ to 11 ½ cents. MPLS spring...

ZWN24 : 681-2 (+4.61%)
ZWU24 : 701-0 (+4.32%)
KEN24 : 690-2 (+4.31%)
KEU24 : 703-6 (+4.18%)
MWN24 : 733-2 (+3.06%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 845-4
2nd Resistance Point 845-4
1st Resistance Point 845-4
Last Price 845-4s
1st Support Level 845-4
2nd Support Level 845-4
3rd Support Level 845-4

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52-Week High 1390-2
Fibonacci 61.8% 1167-1
Fibonacci 50% 1098-1
Fibonacci 38.2% 1029-1
Last Price 845-4s
52-Week Low 806-0

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