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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 saw another round of 6 to 10 3/4 cents losses on Wednesday, with most nearby MPLS and KC contracts closing within a penny of their lows. Nearby KC and CBT posted contract lows. Ahead of this week’s USDA Ag Outlook forum, analysts see USDA’s 2019 all wheat acreage forecast at 47.196 million acres, down 604,000 acres from last year. Japan’s weekly MOA tender is seeking a total of 92,830 MT of wheat from US and Canada, with 56,055 MT sought from the US. Egypt’s GASC purchased a total of 360,000 MT of wheat on Wednesday, with 180,000 MT French, and 60,000 each from Russia, Ukraine, and Romania. US had no offers, despite the recent losses. Paris milling wheat futures continued their sell off on Wednesday.Mar 19 CBOT Wheat closed at $4.80 3/4, down 9 cents,Mar 19 KCBT Wheat closed at $4.50, down 10 3/4 cents,Mar 19 MGEX Wheat closed at $5.48 3/4, down 6 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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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

InsideFutures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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