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Wheat May '23 (ZWK23)

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Wheat Futures Market News and Commentary

Wheat Pulling Back Following Wednesday Overnight Session

Wheat futures are steady to 5 cents lower across most contracts on Wednesday morning. The board showed gains across most contracts on Tuesday.  CBT wheat futures went home with 7 1/4 to 8 3/4 cent gains. KC wheat prices ended the day with 4 1/2 to 7 3/4 cent gains, but March was 3 1/2 cents off the high. Spring wheat prices went home up by 1/2 a cent to 5 3/4 cents. 

The NWS 6-10 and 8-14 day forecasts have above normal odds for precip in the HRW and SRW growing areas. Snow is helpful, rain adds up faster but will run off if the ground is still frozen underneath. 

Jordan is in the market for 120k MT of wheat. The Joint Coordination Centre tracking Ukraine’s exports showed that 19 MMT of grain has been exported since the corridor deal was agreed. Egypt’s GASC issued a tender for wheat with delivery specified for early March. The tender will be closed for offers on Thursday. 

Mar 23 CBOT Wheat  closed at $7.61 1/4, up 8 3/4 cents, currently down 4 1/2 cents

May... Read more

Contract Specifications

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Contract
Chicago Soft Red Winter 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. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$50
Margin/Maintenance
$3,630/3,300
First Notice Date
04/28/23 (86 days)
Expiration Date
05/12/23 (100 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jan 24, 2023

View Chart Details
Commercials - Long / Short
142,422 (+466)
91,999 (-4,696)
Non-Commercials - Long / Short
88,787 (+2,218)
137,107 (+8,524)
Producers - Long / Short
56,896 (+2,450)
69,792 (-2,563)
Swap Dealers - Long / Short
68,672 (-507)
5,353 (-656)
Managed Money - Long / Short
52,549 (-732)
126,351 (+8,429)
Other Reportables - Long / Short
36,238 (+2,950)
10,756 (+95)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
720-6 +5.76%
on 01/23/23
800-4 -4.78%
on 01/03/23
-36-4 (-4.57%)
since 12/30/22
3-Month
720-6 +5.76%
on 01/23/23
925-6 -17.66%
on 11/02/22
-162-4 (-17.57%)
since 11/01/22
52-Week
720-6 +5.76%
on 01/23/23
1242-6 -38.66%
on 05/17/22
-8-0 (-1.04%)
since 02/01/22

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Most Recent Stories

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Grain Express - Blue Line Futures (video)

A look into the grain market.

Wheat Pulling Back Following Wednesday Overnight Session

Wheat futures are steady to 5 cents lower across most contracts on Wednesday morning. The board showed gains across most contracts on Tuesday. CBT wheat futures went home with 7 1/4 to 8 3/4 cent gains....

ZWH23 : 754-2 (-0.92%)
ZWK23 : 764-0 (-0.84%)
ZWPAES.CM : 6.9366 (-1.00%)
KEH23 : 878-4 (unch)
KEPAWS.CM : 8.4405 (+0.11%)
MWH23 : 925-4 (+0.35%)
Soybeans Trying to Push Higher

Bean futures are up fractionally to 3 1/4 cents across most 2023 contracts this morning. March beans saw a wide 19 1/4 cent range on Tuesday before closing with a 2 3/4 cent gain. The other front month...

ZSH23 : 1522-6 (-0.99%)
ZSPAUS.CM : 14.8367 (-0.88%)
ZSK23 : 1516-6 (-0.88%)
ZSN23 : 1507-0 (-0.77%)
Corn Slipping Lower on Wednesday Morning

Corn futures are trading 2 to 3 cents lower following the overnight session on Wednesday. New Crop December is up a penny. They ended with a Turnaround Tuesday for old crop. The board had a seesaw session...

ZCH23 : 676-0 (-0.55%)
ZCPAUS.CM : 6.7888 (-0.21%)
ZCK23 : 674-2 (-0.48%)
ZCN23 : 663-0 (-0.34%)
El Niño or Not? & What's Driving the Soybean Market?

JR muses about the potential return of a warming, or a "luke-warming" Pacific (and more)

SOYB : 28.01 (-0.66%)
ZSH23 : 1522-6 (-0.99%)
ZSK23 : 1516-6 (-0.88%)
ZSN23 : 1507-0 (-0.77%)
ZSU23 : 1393-6 (-0.41%)
ZSX23 : 1358-6 (-0.31%)
Tuesday Wheat Trades Higher

Wheat futures rallied off the overnight weakness, the board showed gains across most contracts. CBT wheat futures went home with 7 1/4 to 8 3/4 cent gains. KC wheat prices ended the day with 4 1/2 to...

ZWH23 : 754-2 (-0.92%)
ZWK23 : 764-0 (-0.84%)
ZWPAES.CM : 6.9366 (-1.00%)
KEH23 : 878-4 (unch)
KEPAWS.CM : 8.4405 (+0.11%)
MWH23 : 925-4 (+0.35%)
Mixed Close in Soy Markets

March beans saw a wide 19 1/4 cent range on Tuesday before closing with a 2 3/4 cent gain. The other front month soybean contracts were fractionally mixed to 4 cents weaker at the final bell. Tuesday meal...

ZSH23 : 1522-6 (-0.99%)
ZSPAUS.CM : 14.8367 (-0.88%)
ZSK23 : 1516-6 (-0.88%)
ZSN23 : 1507-0 (-0.77%)
Corn Fades to Red at the Close

Corn prices ended with a turnaround Tuesday for old crop. The board had a seesaw session with overnight weakness, before bouncing back at midday. Ultimately old crop contracts ended the day with 2 1/4...

ZCH23 : 676-0 (-0.55%)
ZCPAUS.CM : 6.7888 (-0.21%)
ZCK23 : 674-2 (-0.48%)
ZCN23 : 663-0 (-0.34%)
Livestock Report

Cattle makes new high and feeders rally

AgMaster Report 01/31/2023

MAR WHT With the recent decision by NATO to ship tanks to Ukraine to fortify their “war effort”, the mkt is adding a “war premium” back into the wht price – another positive fundamental in addition...

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 803-6
2nd Resistance Point 789-4
1st Resistance Point 780-0
Last Price 764-4
1st Support Level 756-2
2nd Support Level 742-0
3rd Support Level 732-4

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52-Week High 1242-6
Fibonacci 61.8% 1043-3
Fibonacci 50% 981-6
Fibonacci 38.2% 920-1
Last Price 764-4
52-Week Low 720-6

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