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Spring Wheat Dec '18 (MWZ18)

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cmdty Insider - Spring Wheat Market Commentary

1 hour ago
Wheat futures are showing losses of 3 to 6 cents in most contracts on Thursday. Pressure is apparent from spillover in corn and beans as this morning’s wheat export number was within expectations. A stronger US dollar is also a bearish influence. The weekly Export Sales report from USDA showed wheat sales in the week of 10/11 picking up 40.4% from the week prior at 475,998 MT. That was in the middle of estimates but still down 22.7% from last year. Japan’s weekly MOA tender saw purchases of 127,688 MT of US, Australian, and Canadian wheat, with 59,640 MT US specific.Dec 18 CBOT Wheat is at $5.11 1/2, down 6 cents,Dec 18 KCBT Wheat is at $5.15 1/2, down 5 1/2 cents,Dec 18 MGEX Wheat is at $5.85 1/4, down 3 cents--provided by Brugler Marketing & Management (402) 289-2330

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
$1,950/1,500
First Notice Date
11/30/18 (43 days)
Expiration Date
12/14/18 (57 days)

Seasonal Chart

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

Commitment of Traders Positions as of Oct 9, 2018

View Chart Details
Commercials - Long / Short
34,617 (-891)
29,174 (-173)
Non-Commercials - Long / Short
13,920 (+111)
16,938 (-1,168)
Producers - Long / Short
30,726 (-620)
29,114 (-78)
Swap Dealers - Long / Short
3,831 (-176)
0 (unch)
Managed Money - Long / Short
7,902 (+4)
11,197 (-618)
Other Reportables - Long / Short
6,018 (+107)
5,741 (-550)
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Price Performance

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Period Period Low Period High Performance
1-Month
572-0 +2.32%
on 10/01/18
602-2 -2.82%
on 10/15/18
+5-0 (+0.86%)
since 09/18/18
3-Month
545-4 +7.29%
on 07/19/18
656-0 -10.79%
on 08/07/18
+39-0 (+7.14%)
since 07/18/18
52-Week
542-2 +7.93%
on 07/12/18
660-4 -11.39%
on 05/29/18
-52-4 (-8.23%)
since 10/18/17

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Terrible exports put a drag on grains

Which might be a great buying opportunity

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 48% Sell with a Strengthening short term outlook on maintaining the current direction.

Longer term, the trend strength is Weak.

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Key Turning Points

2nd Resistance Point 600-7
1st Resistance Point 594-5
Last Price 585-2
1st Support Level 584-3
2nd Support Level 580-3

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52-Week High 660-4
Fibonacci 61.8% 615-3
Fibonacci 50% 601-3
Fibonacci 38.2% 587-3
Last Price 585-2
52-Week Low 542-2

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