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Spring Wheat Dec '18 (MWZ18)

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Spring Wheat Futures Market News and Commentary


Wheat futures are 2 to 4 cents lower this morning. The December contracts may not expire until Friday, but none of them traded overnight. Wheat posted sharp 10 to 16 1/2 cent gains on Friday, with bulls running on good export sales data and cash fleeing the stock market. March was 3.01% higher on the week in CBT, with KC up 2.35% and MPLS gaining 1%. All wheat export sales for the week ending Nov 29 were a strong 711,779 MT. That was more than double the same time last year and 88.8% larger wk/wk. HRW sales were the largest of any class in those seven days for the second consecutive week, with SRW sales no slouch at a MY high. Actual wheat shipments were up 92.47% from last week at 480,723 MT, which was 42.43% larger than the same week in 2017. --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
11/30/18
Expiration Date
12/14/18 (4 days)

Seasonal Chart

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

Commitment of Traders Positions as of Nov 27, 2018

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Commercials - Long / Short
43,860 (-5,709)
36,557 (-4,582)
Non-Commercials - Long / Short
14,987 (+640)
22,312 (-365)
Producers - Long / Short
41,911 (-4,407)
36,557 (-4,553)
Swap Dealers - Long / Short
1,949 (-1,273)
0 (unch)
Managed Money - Long / Short
9,467 (+1,063)
15,911 (+906)
Other Reportables - Long / Short
5,520 (-423)
6,401 (-1,271)
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Price Performance

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Period Period Low Period High Performance
1-Month
567-0 +3.31%
on 11/29/18
590-6 -0.85%
on 12/03/18
+5-0 (+0.86%)
since 11/07/18
3-Month
560-2 +4.55%
on 09/13/18
602-2 -2.74%
on 10/15/18
+15-6 (+2.76%)
since 09/07/18
52-Week
542-2 +8.02%
on 07/12/18
660-4 -11.32%
on 05/29/18
-48-0 (-7.57%)
since 12/07/17

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Sales Best Expectations

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 8% Sell with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Minimum. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 585-6
1st Resistance Point 585-6
Last Price 585-6s
1st Support Level 585-6
2nd Support Level 585-6

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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 585-6s
52-Week Low 542-2

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