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Spring Wheat May '23 (MWK23)
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Spring Wheat Futures Market News and Commentary

Midday Drops for Wheat Futures

Wheat prices are down by double digits for some contracts so far for midday. CBT SRW is trading 13 1/2 to 16 1/4 cents lower. KC HRW is down by 5 to 6 cents across the front months. Spring wheat prices are 6 to 8 cents lower. 

China is set to auction 140k MT of wheat from state reserves next week. 

Russian grain production is forecasted 19% lower for 23/24, with 82.6 MMT of wheat output – per UkrAgroConsult. 

May 23 CBOT Wheat  is at $6.65, down 18 1/4 cents,

Jul 23 CBOT Wheat  is at $6.75 1/2, down 17 cents,

Cash SRW Wheat  is at $6.12 1/8, down 19 cents,

May 23 KCBT Wheat  is at $8.12, down 8 1/4 cents,

Cash HRW Wheat  is at $7.74 1/2, down 8 1/4 cents,

May 23 MGEX Wheat  is at $8.36 1/4, down 9 1/2 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.... 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
$3,300/3,000
First Notice Date
04/28/23 (37 days)
Expiration Date
05/12/23 (51 days)

Seasonal Chart

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

Commitment of Traders Positions as of Mar 14, 2023

View Chart Details
Commercials - Long / Short
32,659 (+896)
29,896 (-507)
Non-Commercials - Long / Short
9,926 (+1,109)
11,175 (+2,405)
Producers - Long / Short
31,180 (+920)
29,795 (-514)
Swap Dealers - Long / Short
1,378 (-31)
0 (unch)
Managed Money - Long / Short
6,603 (+975)
11,050 (+2,393)
Other Reportables - Long / Short
3,323 (+134)
125 (+12)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
814-0 +2.67%
on 03/10/23
913-2 -8.49%
on 02/23/23
-73-2 (-8.06%)
since 02/22/23
3-Month
814-0 +2.67%
on 03/10/23
928-4 -9.99%
on 02/21/23
-76-2 (-8.36%)
since 12/22/22
52-Week
814-0 +2.67%
on 03/10/23
1358-6 -38.49%
on 05/17/22
-187-0 (-18.28%)
since 03/22/22

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Midday Drops for Wheat Futures

Wheat prices are down by double digits for some contracts so far for midday. CBT SRW is trading 13 1/2 to 16 1/4 cents lower. KC HRW is down by 5 to 6 cents across the front months. Spring wheat prices...

ZWK23 : 663-4 (-2.89%)
ZWN23 : 675-0 (-2.53%)
ZWPAES.CM : 6.1092 (-3.22%)
KEK23 : 811-0 (-1.13%)
KEPAWS.CM : 7.7272 (-1.15%)
MWK23 : 833-4 (-1.45%)
Soy Falling through Midday

Front month soybean futures are trading 15 1/2 to 19 cents lower through midday. The meal market is $5.70 to $7.20 lower at midday. Front month BO futures are giving back another 67 to 70 points so far....

ZSK23 : 1448-2 (-1.28%)
ZSPAUS.CM : 14.1119 (-1.35%)
ZSN23 : 1424-6 (-1.64%)
ZSQ23 : 1378-0 (-1.82%)
Red Midday in Corn Futures

May corn contracts are staging a midday bounce, which has futures 8 1/2 cents off the low and 2 cents in the black. The other nearby contracts are fractional to 3 1/4 cents in the red. USDA announced...

ZCK23 : 633-4 (+0.56%)
ZCPAUS.CM : 6.3691 (+0.51%)
ZCN23 : 611-6 (unch)
ZCU23 : 561-4 (-0.35%)
Wheat, WEAT ETF downtrend will not change until 38.2% is taken out.

Educational and Actionable Information using Fibonacci and W.D. Gann Analysis.

WEAT : 6.77 (-1.74%)
Soybean Wednesday Forecast

The downtrend may be expected to continue, while market is trading below resistance level 1469,2, which will be followed by reaching support level 1421,6

Corn Wednesday Forecast

The downtrend may be expected to continue, while market is trading below resistance level 621,2, which will be followed by reaching support level 598 – 593,4

IMPORTANT: Managing Risk in New Crop Corn and Beans

New crop weekly options can be a great tool to gain short term market exposure or hedge short term risks.

Wheats Dropping Another Double Digits

The midweek wheat market is currently 10 to 15 cents lower after a mostly one directional overnight. Wheats extended the downside again on Tuesday by another 1-2% across the winter wheat markets. MGE wheat...

ZWK23 : 663-4 (-2.89%)
ZWN23 : 675-0 (-2.53%)
ZWPAES.CM : 6.1092 (-3.22%)
KEK23 : 811-0 (-1.13%)
KEPAWS.CM : 7.7272 (-1.15%)
MWK23 : 833-4 (-1.45%)
Red Start for Soy Trade

Soy futures are trading red across the markets. Beans are 5 to 10 cents lower, meal is down $3.50 to $4.50/ton, and soy oil is 3-11 points weaker. The nearby soy market ended the Tuesday session 13 to...

ZSK23 : 1448-2 (-1.28%)
ZSPAUS.CM : 14.1119 (-1.35%)
ZSN23 : 1424-6 (-1.64%)
ZSQ23 : 1378-0 (-1.82%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 875-3
2nd Resistance Point 868-3
1st Resistance Point 857-1
Last Price 833-6
1st Support Level 838-7
2nd Support Level 831-7
3rd Support Level 820-5

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52-Week High 1358-6
Fibonacci 61.8% 1150-5
Fibonacci 50% 1086-3
Fibonacci 38.2% 1022-1
Last Price 833-6
52-Week Low 814-0

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