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Wheat Dec '23 (ZWZ23)

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Wheat Futures Market News and Commentary

Wheat Collapses After Bearish USDA Reports

Wheat failed to look past the bearish USDA data on Friday, as all three exchanges headed lower. Chicago futures closed out the day with contracts down 8 ¾ to 20 ½ cents. Kansas City contracts posted losses of 7 to 16 cents at Friday’s settlement. MPLS spring wheat futures saw losses of 11 ¾ to 21 ¼ cents.

USDA’s balance sheet update for the 2023/24 US wheat crop showed a carryout of 702 mbu, as exports were taken to 707 mbu. For the new crop. The balance sheet is looking less friendly than a month ago, with USDA raising the stocks by 98 mbu to 856 mbu. Some of that was a larger carryover, but most came via production. 

USDA raised the wheat crop by a large 133 mbu to 2.008 bbu, as both harvested acres and yield were raised (by 2.4 bpa to 51.8 bpa). Winter wheat was up 46 mbu to 1.341 bbu, as the HRW total was projected at 763 mbu (+37 mbu), with SRW at 344 mbu (+2 mbu) and white winter at 234 mbu (+8 mbu). The initial other spring wheat figure was tallied at 577.8 mbu, m... 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
$2,310/2,100
First Notice Date
11/30/23
Expiration Date
12/14/23 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Jul 9, 2024

View Chart Details
Commercials - Long / Short
158,097 (+1,835)
118,232 (+5,902)
Non-Commercials - Long / Short
131,162 (+986)
165,948 (-2,918)
Producers - Long / Short
61,505 (+719)
85,707 (+5,368)
Swap Dealers - Long / Short
70,680 (+416)
6,613 (-166)
Managed Money - Long / Short
69,864 (+1,971)
138,556 (-3,295)
Other Reportables - Long / Short
61,298 (-985)
27,392 (+377)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
527-4 +12.61%
on 11/27/23
634-0 -6.31%
on 12/06/23
+22-0 (+3.85%)
since 11/14/23
3-Month
527-4 +12.61%
on 11/27/23
634-0 -6.31%
on 12/06/23
+0-2 (+0.04%)
since 09/14/23
52-Week
527-4 +12.61%
on 11/27/23
829-2 -28.37%
on 02/14/23
-189-0 (-24.14%)
since 12/14/22

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Jim pokes some kind-hearted fun at the differences of professional opinions among meteorologists in the commmodity/weather space.

ZSX24 : 1065-2s (-0.23%)
SOYB : 22.99 (-0.56%)
ZCU24 : 402-0s (+0.44%)
CORN : 18.19 (+1.06%)
ZWU24 : 550-6s (-3.59%)
WEAT : 5.16 (-2.64%)
DBA : 24.38 (-0.45%)
TAGS : 25.90 (-0.69%)
NGQ24 : 2.329s (+2.69%)
UNG : 15.50 (+1.84%)
BOIL : 12.38 (+2.91%)
KOLD : 61.10 (-3.03%)
Livestock Markets End Week on a Positive Note

Hogs continue higher, Feeders show strength while August cattle limps higher

Corn Closes Higher on Bull Friendly USDA Data

Corn futures were hesitant to act on the bullish USDA report on Friday, as contracts closed with steady to 4 cent higher action. Rains in the forecast heading into the middle of July and thus pollination...

ZCU24 : 402-0s (+0.44%)
ZCPAUS.CM : 3.9312 (+0.56%)
ZCZ24 : 414-6s (+0.97%)
ZCZ24 : 414-6s (+0.97%)
ZCPZ24US.CM : 3.8551 (+1.09%)
Wheat Collapses After Bearish USDA Reports

Wheat failed to look past the bearish USDA data on Friday, as all three exchanges headed lower. Chicago futures closed out the day with contracts down 8 ¾ to 20 ½ cents. Kansas City contracts posted...

ZWU24 : 550-6s (-3.59%)
ZWZ24 : 575-6s (-3.24%)
KEU24 : 567-6s (-2.74%)
KEZ24 : 586-4s (-2.53%)
MWU24 : 597-4s (-3.43%)
Soybeans Falls on Friday as Record Large Spec Short Looms

Soybeans got some modestly bull friendly USDA data today, but bears were defending their large short position. Contracts posted steady to 12 cent losses across most months. Deferred contracts beyond August...

ZMZ24 : 314.1s (-0.44%)
ZLZ24 : 45.59s (-1.21%)
ZSQ24 : 1105-0s (-1.07%)
ZSPAUS.CM : 10.7162 (-1.17%)
ZSU24 : 1058-4s (-0.49%)
ZSX24 : 1065-2s (-0.23%)
ZSPX24US.CM : 10.0567 (-0.29%)
Grain Spreads: Reversal in Corn

USDA Gives Bullish Surprise

Corn Futures Rally After Surprisingly Bullish USDA Report

Corn futures were under pressure for majority of the week but were able to end things on a high note today, following a more bullish than expected USDA report.

Shootin' the bull about elasticity

In my opinion, I can see that a 1.6% decline in beef production year over year creates all time historical prices in both fats and feeders.  I can see that keeping an average of 11.5 million head on feed...

Soybeans Fading Friendly USDA Data

Soybean futures are mixed on the session, as old crop contracts are down 2 to 8 cents at midday, and new crop months fractionally to a couple cents higher. Soymeal is weighing on the market with losses...

ZMZ24 : 314.1s (-0.44%)
ZLZ24 : 45.59s (-1.21%)
ZSQ24 : 1105-0s (-1.07%)
ZSPAUS.CM : 10.7162 (-1.17%)
ZSU24 : 1058-4s (-0.49%)
ZSX24 : 1065-2s (-0.23%)
ZSPX24US.CM : 10.0567 (-0.29%)
Corn Slow to React to Bullish USDA Report

Corn bulls got one of the more friendly USDA reports the market has seen in a while, but bears are trying to defend their large spec net short position. Overall, futures are up fractionally to 4 cents...

ZCU24 : 402-0s (+0.44%)
ZCPAUS.CM : 3.9312 (+0.56%)
ZCZ24 : 414-6s (+0.97%)
ZCZ24 : 414-6s (+0.97%)
ZCPZ24US.CM : 3.8551 (+1.09%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 594-0
2nd Resistance Point 594-0
1st Resistance Point 594-0
Last Price 594-0s
1st Support Level 594-0
2nd Support Level 594-0
3rd Support Level 594-0

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52-Week High 829-2
Fibonacci 61.8% 714-0
Fibonacci 50% 678-3
Fibonacci 38.2% 642-6
Last Price 594-0s
52-Week Low 527-4

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