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Spring Wheat Dec '23 (MWZ23)

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Spring Wheat Futures Market News and Commentary

Wheat Slips Back on Friday, Still Higher on the Week

Wheat futures saw Friday losses across the three exchanges. Chicago SRW futures were down 7 ¾ cents in the nearby contracts, as Dec was up 15 ½ cents since last Friday. KC HRW was 11 ¼ cents higher in the front months to close out the day, as December tallied 12 ¼ cents over the shortened week. MPLS spring wheat was down 12 to 15 cents in the nearbys, with December gaining 13 ¼ cents on the week. 

Friday morning’s USDA Export Sales report indicated just 340,032 MT of all wheat export sales in the week that ended on August 29. That was on the low-end estimates running 300,000 MT to 600,000 MT in that week and a 3-week low. The top buyer was Leeward and Windward Islands of 58,500 MT, with 51,800 MT sold to Mexico.

The weekly update to CFTC data showed spec funds in Chicago wheat cutting 13,578 contracts from their net short position as of Tuesday, taking it to the smallest since early June at 42,624 contracts. In KC wheat, they were covering 4,765 contracts of their net sh... 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
$2,090/1,900
First Notice Date
11/30/23
Expiration Date
12/14/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Sep 3, 2024

View Chart Details
Commercials - Long / Short
45,596 (-2,990)
21,396 (-106)
Non-Commercials - Long / Short
10,956 (+1,211)
35,537 (-646)
Producers - Long / Short
42,788 (-2,240)
20,894 (-127)
Swap Dealers - Long / Short
2,669 (-850)
363 (-79)
Managed Money - Long / Short
7,697 (+793)
32,645 (-507)
Other Reportables - Long / Short
3,259 (+418)
2,892 (-139)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
682-4 +2.60%
on 11/27/23
738-6 -5.21%
on 11/15/23
-34-2 (-4.66%)
since 11/14/23
3-Month
682-4 +2.60%
on 11/27/23
791-0 -11.47%
on 09/15/23
-83-2 (-10.63%)
since 09/14/23
52-Week
682-4 +2.60%
on 11/27/23
956-0 -26.75%
on 07/25/23
-198-2 (-22.06%)
since 12/14/22

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 700-2
2nd Resistance Point 700-2
1st Resistance Point 700-2
Last Price 700-2s
1st Support Level 700-2
2nd Support Level 700-2
3rd Support Level 700-2

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52-Week High 956-0
Fibonacci 61.8% 851-4
Fibonacci 50% 819-2
Fibonacci 38.2% 787-0
Last Price 700-2s
52-Week Low 682-4

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