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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 following the rest of the grain complex, with gains of 7 to 12 3/4 cents in most contracts on Thursday. USDA forecasts 2019 wheat acreage at 47 MMT in their annual Ag Outlook Forum, down 800,000 acres from last year. Friday’s Export Sales report is projected to show 2-3 MMT in all wheat sales for the weeks of 1/10-2/14. That implies a 333,000-500,000 MT per week in sales on average. Taiwan is seeking 110,000 MT of US wheat in a tender that is due next Tuesday. The IGC trimmed their world wheat ending stocks for 18/19 by 1 to 262 MMT, mainly on lower production. Mar 19 CBOT Wheat is at $4.90, up 9 1/4 cents,Mar 19 KCBT Wheat is at $4.61, up 11 cents,Mar 19 MGEX Wheat is at $5.61 1/2, up 12 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) (Settles 1:30p.m.) 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 Jan 29, 2019

View Chart Details
Commercials - Long / Short
35,422 (+798)
25,505 (+894)
Non-Commercials - Long / Short
10,346 (+4)
20,002 (-30)
Producers - Long / Short
32,331 (+228)
25,505 (+894)
Swap Dealers - Long / Short
3,091 (+570)
0 (unch)
Managed Money - Long / Short
4,633 (-178)
14,153 (-642)
Other Reportables - Long / Short
5,713 (+182)
5,849 (+612)
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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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USDA Numbers

Why Now?

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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