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Spring Wheat Mar '18 (MWH18)

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Spring Wheat Futures Market News and Commentary


Wheat futures are mostly 2 to 5 cents higher in the actively traded contracts this morning. They saw up to 5 1/2 cent losses in the winter wheat contracts on Tuesday, with MPLS steady to 2 cents higher. Long liquidation was the theme in CHI futures, with preliminary open interest down 3,175 contracts. The USDA 18/19 US ending stocks projection was pegged at 974 mbu, 25 mbu higher than last month as USDA trimmed projected exports by that amount. Most of the export reduction was in HRW (down 40 mbu), with HRS and SRW higher. World ending stocks were up 1.39 MMT to 268.1 MMT, mainly on the larger US and EU carryouts. Russian exports are now projected at 36.5 MMT vs. 35 MMT last month. Japan is tendering for 137,657 MT of wheat, with 60,248 MT from the US. Egypt’s GASC is tendering for another round of wheat for Feb 1-10 delivery, with results expected later today. --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
$1,690/1,300
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 4, 2018

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Commercials - Long / Short
30,595 (-13,265)
23,973 (-12,584)
Non-Commercials - Long / Short
14,259 (-728)
21,308 (-1,004)
Producers - Long / Short
28,708 (-13,203)
23,973 (-12,584)
Swap Dealers - Long / Short
1,887 (-62)
0 (unch)
Managed Money - Long / Short
8,794 (-673)
15,066 (-845)
Other Reportables - Long / Short
5,465 (-55)
6,242 (-159)
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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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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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