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Spring Wheat Mar '18 (MWH18)

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Spring Wheat Futures Market News and Commentary

Wheat Market News and Commentary

Wheat futures are mostly 2 to 5 cents higher this morning with MPLS spring wheat the firmest as the spreads snap back. They ended the day with most winter wheat contracts 2 to 4 1/2 cents higher, as MPLS was down 1 to 2 1/2 cents lower. All wheat export inspections were reported at 516,643 MT in for the week that ended on 1/17. That was down 5.52% from the prior week but 21.96% larger than the same week in 2018. Egypt was the top US wheat export destination for the week @ 117,542 MT. It has been a while since we said that! Private forecaster SovEcon is estimating Russian wheat exports for January will drop to 2.3 MMT from 4.3 MMT in December.--provided by Brugler Marketing & Management

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) CST
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$1,560/1,200
First Notice Date
02/28/18
Expiration Date
03/14/18 (expired)

Seasonal Chart

Spring Wheat Mar '18
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Dec 18, 2018

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Commercials - Long / Short
31,857 (+617)
27,387 (+2,105)
Non-Commercials - Long / Short
13,604 (-470)
18,823 (-2,013)
Producers - Long / Short
29,975 (+515)
27,387 (+2,112)
Swap Dealers - Long / Short
1,882 (+109)
0 (unch)
Managed Money - Long / Short
8,215 (-463)
11,255 (-3,571)
Other Reportables - Long / Short
5,389 (-7)
7,568 (+1,558)
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Price Performance

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Period Period Low Period High Performance
1-Month
592-4 +5.19%
on 02/26/18
636-0 -2.00%
on 03/14/18
+23-0 (+3.83%)
since 02/14/18
3-Month
592-4 +5.19%
on 02/26/18
636-0 -2.00%
on 03/14/18
+6-2 (+1.01%)
since 12/14/17
52-Week
555-0 +12.30%
on 04/11/17
816-0 -23.62%
on 07/05/17
+55-2 (+9.73%)
since 03/14/17

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Wheat futures are mostly 2 to 5 cents higher this morning with MPLS spring wheat the firmest as the spreads snap back. They ended the day with most winter wheat contracts 2 to 4 1/2 cents higher, as MPLS...

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 40% Buy with a Weakening short term outlook on maintaining the current direction.

Longer term, the trend strength is Average. Long term indicators mostly agree with the trend.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

2nd Resistance Point 640-2
1st Resistance Point 631-6
Last Price 623-2s
1st Support Level 619-0
2nd Support Level 614-6

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52-Week High 816-0
Fibonacci 61.8% 716-2
Fibonacci 50% 685-4
Fibonacci 38.2% 654-6
Last Price 623-2s
52-Week Low 555-0

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InsideFutures Commentary

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