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Wheat May '23 (ZWK23)
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Wheat Futures Market News and Commentary

Wheats Faded into the Weekend

After a week of buying into the data release and seeing a mostly bull-friendly update, wheat futures pulled back into the weekend. Chicago futures went home 9 to 11 cents in the red, but still 29 cents above last Friday’s close. KC HRW futures settled with 3 to 6 ½ cent losses on the day, but held onto a 14 cent gain for the week. Spring wheat futures closed 7 ¾ to 8 ¼ cents in the red. March HRS finished the week with a net ¾ cent loss. The cash average price for wheat from the WASDE report was a dime higher at $7.30. 

Commitment of Traders data showed SRW wheat spec traders closed out 21k shorts, reducing their net short to 96,222 contracts. Managed money traders also covered shorts in KC wheat, leaving the group on a 38,858 contract net short as of 12/5. Managed funds were shown with a 26,891 contract net short for MPLS wheat, 2k contracts weaker also via short covering. 

USDA reported China booked another 110k MT of SRW via private export sale. 

USDA’s December... 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
$3,080/2,800
First Notice Date
04/28/23
Expiration Date
05/12/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Dec 5, 2023

View Chart Details
Commercials - Long / Short
162,290 (-2,402)
89,719 (+23,672)
Non-Commercials - Long / Short
119,965 (+5,258)
187,032 (-24,879)
Producers - Long / Short
82,691 (+319)
70,921 (+18,446)
Swap Dealers - Long / Short
62,427 (-6,340)
1,626 (+1,607)
Managed Money - Long / Short
75,574 (+1,465)
176,106 (-22,070)
Other Reportables - Long / Short
44,391 (+3,793)
10,926 (-2,809)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
595-4 +4.87%
on 05/02/23
707-0 -11.67%
on 04/18/23
-55-0 (-8.09%)
since 04/12/23
3-Month
595-4 +4.87%
on 05/02/23
807-4 -22.66%
on 02/14/23
-171-2 (-21.52%)
since 02/10/23
52-Week
595-4 +4.87%
on 05/02/23
1242-6 -49.75%
on 05/17/22
-545-2 (-46.61%)
since 05/12/22

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Wheats Faded into the Weekend

After a week of buying into the data release and seeing a mostly bull-friendly update, wheat futures pulled back into the weekend. Chicago futures went home 9 to 11 cents in the red, but still 29 cents...

ZWZ23 : 615-0s (-1.76%)
ZWH24 : 631-0 (unch)
KEZ23 : 655-6s (-0.98%)
MWZ23 : 712-6s (unch)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 624-4
2nd Resistance Point 624-4
1st Resistance Point 624-4
Last Price 624-4s
1st Support Level 624-4
2nd Support Level 624-4
3rd Support Level 624-4

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52-Week High 1242-6
Fibonacci 61.8% 995-4
Fibonacci 50% 919-1
Fibonacci 38.2% 842-6
Last Price 624-4s
52-Week Low 595-4

See More

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