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Spring Wheat Mar '18 (MWH18)

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Spring Wheat Futures Market News and Commentary


Wheat futures are posing 8 to 10 1/2 cent gains in CBT and KC on Thursday, following another round of decent export sales data. MPLS is 3 to 5 cents higher. All wheat export sales in the week that ended on 12/6 were reported at 754,054 MT, on the high side of estimates. That was a 5.9% jump from last week and 28.1% larger than a year ago. Unknown destinations purchased 210,600 MT, with Japan at 111,900 MT. More than half of the sales total was for HRW, at a MY high 418,161 MT and the largest weekly HRW sales total in 13 months. In Japan’s weekly MOA tender, a total of 137,657 MT of wheat was purchased, with 60,248 MT from the US and the balance from Australia and Canada.Mar 19 CBOT Wheat is at $5.37, up 10 1/2 cents,Mar 19 KCBT Wheat is at $5.21 1/2, up 10 1/4 cents,Mar 19 MGEX Wheat is at $5.87 3/4, up 4 3/4 cents--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

View Chart Details
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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