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Spring Wheat Jul '24 (MWN24)

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Spring Wheat Futures Market News and Commentary

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 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. 

Jul 24 CBOT Wheat  closed at $6.51 1/4, down 12 cents,

Sep 24 CBOT Wheat  closed at $6.72, down 11 1/2 cents,

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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
06/28/24 (40 days)
Expiration Date
07/12/24 (54 days)

Seasonal Chart

Spring Wheat Jul '24
Average Price Chart for 5 Prior Jul 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
639-2 +11.30%
on 04/18/24
748-0 -4.88%
on 05/15/24
+72-2 (+11.30%)
since 04/17/24
3-Month
635-0 +12.05%
on 04/03/24
748-0 -4.88%
on 05/15/24
+52-0 (+7.88%)
since 02/16/24
52-Week
635-0 +12.05%
on 04/03/24
919-0 -22.58%
on 07/25/23
-110-4 (-13.44%)
since 05/17/23

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ZSN24 : 1228-0s (+0.97%)
SOYB : 25.52 (+0.28%)
ZCN24 : 452-4s (-0.98%)
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KEN24 : 661-6s (-1.71%)
WEAT : 6.09 (-1.30%)
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ZMN24 : 368.8s (+0.30%)
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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 : 651-2s (-1.81%)
ZWU24 : 672-0s (-1.68%)
KEN24 : 661-6s (-1.71%)
KEU24 : 675-4s (-1.67%)
MWN24 : 711-4s (-1.28%)
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ZCPZ24US.CM : 4.4657 (-1.22%)
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The Barchart Trading Guide is a Buy Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 743-4
2nd Resistance Point 736-4
1st Resistance Point 724-0
Last Price 711-4s
1st Support Level 704-4
2nd Support Level 697-4
3rd Support Level 685-0

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52-Week High 919-0
Fibonacci 61.8% 810-4
Fibonacci 50% 777-0
Fibonacci 38.2% 743-4
Last Price 711-4s
52-Week Low 635-0

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