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Spring Wheat Dec '18 (MWZ18)

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cmdty Insider - Spring Wheat Market Commentary


Wheat futures posted losses of 2 1/4 to 8 3/4 cents across the three markets, with MPLS December wheat the glaring exception with a 1/4 cent gain. US wheat export shipments in the week that ended on Nov 15 totaled 509,118 MT, according to Export Inspections data. That was nearly double the same week in 2017 and 47.25% larger than the previous week. Turkey is seeking 240,000 MT of wheat in a tender that closes on Friday. Saudi Arabia purchased 495,000 MT of optional origin wheat in their tender. US winter wheat planting was 93% completed as of Sunday, with the 5 year average pace at 97%.Dec 18 CBOT Wheat closed at $4.98 1/2, down 8 1/4 cents,Dec 18 KCBT Wheat closed at $4.74 1/4, down 8 1/2 cents,Dec 18 MGEX Wheat closed at $5.71 1/2, up 1/4 cent--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 (11 days)
Expiration Date
12/14/18 (25 days)

Seasonal Chart

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

Commitment of Traders Positions as of Nov 13, 2018

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Commercials - Long / Short
47,742 (+1,288)
40,126 (+2,425)
Non-Commercials - Long / Short
13,939 (+489)
21,445 (-21)
Producers - Long / Short
44,132 (+1,330)
40,042 (+2,440)
Swap Dealers - Long / Short
3,526 (-27)
0 (unch)
Managed Money - Long / Short
7,789 (+362)
13,666 (+193)
Other Reportables - Long / Short
6,150 (+127)
7,779 (-214)
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Price Performance

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Period Period Low Period High Performance
1-Month
565-6 +1.02%
on 10/31/18
590-4 -3.22%
on 10/22/18
-17-2 (-2.93%)
since 10/19/18
3-Month
560-2 +2.01%
on 09/13/18
626-0 -8.71%
on 08/20/18
-53-6 (-8.60%)
since 08/17/18
52-Week
542-2 +5.39%
on 07/12/18
660-4 -13.47%
on 05/29/18
-73-2 (-11.36%)
since 11/17/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 96% Sell with a Strongest short term outlook on maintaining the current direction.

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

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Key Turning Points

2nd Resistance Point 578-6
1st Resistance Point 575-0
Last Price 571-4
1st Support Level 569-0
2nd Support Level 566-6

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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 571-4
52-Week Low 542-2

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