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Spring Wheat Dec '18 (MWZ18)

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Spring Wheat Futures Market News and Commentary


Wheat futures are currently 4 to 6 1/2 cents lower in most winter wheat contracts on Tuesday, with MPLS steady to 2 cents higher. The USDA 18/19 US ending stocks projection was pegged at 974 mbu this morning, 25 mbu higher than last month. They made a long-awaited cut to exports (25 mbu) to 1 bbu. A majority of the export reduction was in the form of HRW (down 40 mbu), with HRS and SRW higher. World ending stocks were up 1.39 MMT to 268.1 MMT, mainly on the larger US and EU carryouts. Russia exports are now projected at 36.5 MMT. Japan is tendering (due Thursday) for 137,657 MT of wheat, with 60,248 MT from the US and the balance from Canada and Australia. SovEcon estimates Russia’s wheat crop at 70.9 MMT, up 0.2 from their previous number.Mar 19 CBOT Wheat is at $5.19 3/4, down 5 1/2 cents,Mar 19 KCBT Wheat is at $5.03 3/4, down 6 1/2 cents,Mar 19 MGEX Wheat is at $5.75 1/4, unch ,--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 (3 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 +2.78%
on 11/29/18
590-6 -1.35%
on 12/03/18
+9-4 (+1.66%)
since 11/09/18
3-Month
560-2 +4.02%
on 09/13/18
602-2 -3.24%
on 10/15/18
+7-4 (+1.30%)
since 09/11/18
52-Week
542-2 +7.47%
on 07/12/18
660-4 -11.77%
on 05/29/18
-48-2 (-7.65%)
since 12/11/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% 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 582-3
1st Resistance Point 581-1
Last Price 582-6
1st Support Level 579-3
2nd Support Level 578-7

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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 582-6
52-Week Low 542-2

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