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Wheat May '24 (ZWK24)
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Wheat Futures Market News and Commentary

Wheat Rallies for Thursday Gains

After trading mixed through the midday portion, the afternoon wheat market rallied into the close. Chicago futures closed UNCH to 6 ½ cents higher. The May SRW contract was at a net 17 ¾ cent loss for the month’s move. KC futures closed Thursday 3 ¾ to 7 ¼ cents higher, leading May’s Feb move to a net 33 cent loss. MGE futures were 2 to 12 cents higher on Thursday, with May 39 cents weaker for the month. 

There were 56 delivery  notices issued for March KC wheat futures on first notice day. For Chicago wheat, there were 484 delivery notices.

The week’s Export Sales data had 327.3k MT sold for the week of 2/22. That was up 40% for the week and was 15% above the same week last year. Traders were looking for between 200k and 500k MT going into the data release. Total commitments sat at 18.16 MMT, which is 6% ahead of last year’s pace and includes 6 MMT of HRS, 4.6 MMT of SRW, 3.7 MMT of white and 3.3 MMT of HRW. 

Wildfires stretching across parts of the TX panhandle a... 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
$2,585/2,350
First Notice Date
04/30/24 (61 days)
Expiration Date
05/14/24 (75 days)

Seasonal Chart

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

Commitment of Traders Positions as of Feb 20, 2024

View Chart Details
Commercials - Long / Short
145,807 (+1,838)
96,201 (-14,008)
Non-Commercials - Long / Short
124,169 (-740)
168,808 (+14,892)
Producers - Long / Short
51,309 (+2,358)
73,366 (-12,671)
Swap Dealers - Long / Short
79,775 (+950)
8,112 (+133)
Managed Money - Long / Short
81,087 (+1,411)
152,405 (+14,849)
Other Reportables - Long / Short
43,082 (-2,151)
16,403 (+43)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
553-4 +4.11%
on 02/20/24
618-4 -6.83%
on 02/02/24
-27-4 (-4.55%)
since 01/29/24
3-Month
553-4 +4.11%
on 02/20/24
660-4 -12.76%
on 12/06/23
-24-4 (-4.08%)
since 11/29/23
52-Week
553-4 +4.11%
on 02/20/24
808-6 -28.75%
on 07/25/23
-178-6 (-23.68%)
since 02/28/23

More Wheat Quotes

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Most Recent Stories

More News
Beans Fade as Products Firm through Thursday

The front month soybean futures market was down by 1 ½ to 5 ¾ cents across the front months on the day. The May contract finished the session 92 cents weaker for the month of Feb. Nov futures were also...

ZMK24 : 328.9 (-0.09%)
ZLK24 : 45.22 (+0.02%)
ZSH24 : 1127-2 (-0.09%)
ZSPAUS.CM : 10.7698 (-0.75%)
ZSK24 : 1139-6 (-0.09%)
ZSN24 : 1150-0 (-0.11%)
Wheat Rallies for Thursday Gains

After trading mixed through the midday portion, the afternoon wheat market rallied into the close. Chicago futures closed UNCH to 6 ½ cents higher. The May SRW contract was at a net 17 ¾ cent loss for...

ZWH24 : 577-4s (+1.14%)
ZWK24 : 574-6 (-0.26%)
KEH24 : 602-6s (+1.22%)
MWH24 : 658-4 (-0.90%)
Thursday Corn Futures Close Firmer

Feb ended with UNCH to 2 ½ cent gains across the front month corn futures. May prices were down by a net 29 cents for the month’s move. Dec corn finished 16 ¾ cents in the red for the month. The average...

ZCH24 : 415-6 (unch)
ZCPAUS.CM : 3.9942 (+0.63%)
ZCK24 : 428-4 (-0.23%)
ZCN24 : 440-4 (unch)
Shootin' the Bull about the agenda

The agenda is strengthening.  The methodical pace of slaughter is pulling box beef higher, as well as carcass weights.

Agricultural Prices

Agricultural Prices - 2024-02-29

ZSK24 : 1139-6 (-0.09%)
ZSPAUS.CM : 10.7698 (-0.75%)
ZSBAUS.CM : -0.5127 (-4.80%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSK24 : 3,534s (+0.11%)
XTK24 : 4,508s (-0.38%)
ZCK24 : 428-4 (-0.23%)
ZCPAUS.CM : 3.9942 (+0.63%)
ZCBAUS.CM : -0.1632 (+0.06%)
XVK24 : 2,456s (-0.08%)
XEU24 : 59.21 (+0.14%)
Soybeans Leaping Lower on Leap Day

The front month soybean futures market is trading 2 to 8 ¼ cents weaker on Feb’s bonus day. That has the March contract set to round out the month with a net 96 ¾ cent loss and Nov doan by 67 cents...

ZMK24 : 328.9 (-0.09%)
ZLK24 : 45.22 (+0.02%)
ZSH24 : 1127-2 (-0.09%)
ZSPAUS.CM : 10.7698 (-0.75%)
ZSK24 : 1139-6 (-0.09%)
ZSN24 : 1150-0 (-0.11%)
Wheat Mixed at Midday

Wheat futures are sitting on both sides of UNCH for Feb’s bonus day. KC wheat prices are UNCH to 2 ¾ cents higher at midday, which has the March contract at a net monthly loss of 26 cents. Spring wheat...

ZWH24 : 577-4s (+1.14%)
ZWK24 : 574-6 (-0.26%)
KEH24 : 602-6s (+1.22%)
MWH24 : 658-4 (-0.90%)
Corn Fractionally Weaker on FND

The last trading day of February has futures rounding out the month mixed at midday. March futures are up by a penny on First Notice Day, though the other nearbys are fractionally to 2 cents lower. USDA...

ZCH24 : 415-6 (unch)
ZCPAUS.CM : 3.9942 (+0.63%)
ZCK24 : 428-4 (-0.23%)
ZCN24 : 440-4 (unch)
Soybeans Falling Double Digits

Soybean futures are down by as much as 16 cents for the Leap Day finish to the month. Wednesday’s back and forth session saw soybean futures in the black. Gains were 2 ¾ to 5 ¼ cents across the front...

ZMK24 : 328.9 (-0.09%)
ZLK24 : 45.22 (+0.02%)
ZSH24 : 1127-2 (-0.09%)
ZSPAUS.CM : 10.7698 (-0.75%)
ZSK24 : 1139-6 (-0.09%)
ZSN24 : 1150-0 (-0.11%)
Wheat Weakening on Feb’s Bonus Day

The wheat complex is starting 1 to 3 cents weaker so far for the last day of the month. Chicago futures were down by 6 ¼ to 15 cents on the day leaving the May contract at a net weekly 2 ½ cent loss....

ZWH24 : 577-4s (+1.14%)
ZWK24 : 574-6 (-0.26%)
KEH24 : 602-6s (+1.22%)
MWH24 : 658-4 (-0.90%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 594-5
2nd Resistance Point 588-1
1st Resistance Point 582-1
Last Price 575-4
1st Support Level 569-5
2nd Support Level 563-1
3rd Support Level 557-1

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52-Week High 808-6
Fibonacci 61.8% 711-2
Fibonacci 50% 681-1
Fibonacci 38.2% 651-0
Last Price 575-4
52-Week Low 553-4

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