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Spring Wheat May '24 (MWK24)

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Spring Wheat Futures Market News and Commentary

Wheat Fall to New Low on Friday

The wheat complex was in near free fall mode heading into the weekend, with losses across the three exchanges. Chicago SRW futures were down 13 to 15 cents. Kansas City HRW contracts were 16 cents lower in the front months as they hit fresh multi-year lows.  MPLS spring wheat was down another 12 to 15 cents. 

Spec funds in CBT wheat were trimming just 702 contracts from their net short as of July 23 to 75,184 contracts. In KC futures and options, they peeled back 3,030 contracts from their net short to 40,866 contracts.

Export Sales data shows that exporters are sold on 36% of the USDA export projection for the 2024/25 marketing year via both shipped and unshipped sales. We’d normally be sold on 37% of the export forecast. 

Taiwan wheat mill importers purchased 105,650 MT of US wheat in a tender on Friday. The FranceAgriMer pegged the country’s wheat harvest at 41% complete, up from 14% the week prior but still behind average. Conditions were down 2% to 50% gd/ex.... 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
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

Spring Wheat May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Jul 23, 2024

View Chart Details
Commercials - Long / Short
47,593 (-2,626)
21,448 (-1,967)
Non-Commercials - Long / Short
11,231 (-1,101)
35,586 (-1,188)
Producers - Long / Short
44,046 (-2,237)
21,382 (-1,982)
Swap Dealers - Long / Short
3,481 (-404)
N/A
Managed Money - Long / Short
8,715 (-2,007)
34,573 (-1,510)
Other Reportables - Long / Short
2,516 (+906)
1,013 (+322)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
632-6 +15.25%
on 04/17/24
745-0 -2.11%
on 05/13/24
+86-4 (+13.46%)
since 04/12/24
3-Month
625-2 +16.63%
on 04/03/24
745-0 -2.11%
on 05/13/24
+65-4 (+9.87%)
since 02/14/24
52-Week
625-2 +16.63%
on 04/03/24
941-4 -22.54%
on 07/25/23
-119-4 (-14.08%)
since 05/12/23

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Wheat Falling on Friday

The wheat complex heading into the weekend with losses across the three exchanges. Chicago SRW futures are down 10 to 12 cents. Kansas City HRW contracts are down 13 to 15 cents. MPLS spring wheat is...

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MWU24 : 588-4s (-2.53%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 729-2
2nd Resistance Point 729-2
1st Resistance Point 729-2
Last Price 729-2s
1st Support Level 729-2
2nd Support Level 729-2
3rd Support Level 729-2

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52-Week High 941-4
Fibonacci 61.8% 820-6
Fibonacci 50% 783-3
Fibonacci 38.2% 746-0
Last Price 729-2s
52-Week Low 625-2

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