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Spring Wheat Dec '18 (MWZ18)

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cmdty Insider - Spring Wheat Market Commentary

33 minutes ago
Wheat futures are trading 1 to 3 cents lower in the early going, with MPLS spring wheat the firmest and Chicago the weakest. They saw 10 to 12 cent gains in most CBT and KC contracts on Wednesday, with MPLS up 5 to 7 3/4 cents. The Chicago activity was short covering, with preliminary open interest declining 1,072 contracts. Expectations ahead of Thursday’s Export Sales report are for 250,000-500,000 MT in all wheat bookings for the week that ended on 9/13. A Stats Canada survey showed expected all wheat production at 31.02 MMT for 2018, up 1.04 MMT from the production total in 2017. Durum accounted for 0.75 MMT in that jump at 5.71 MMT in 2018. Global buying interest has really picked up in recent days, notably in North Africa and extending over to Saudi Arabia and Turkey. Syria purchased 200,000 MT of Russian wheat in a tender this week as well.

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
11/29/18 (70 days)
Expiration Date
12/14/18 (85 days)

Seasonal Chart

Daily price change for Spring Wheat Dec '18
Average price change for the 5 prior Dec contracts

Commitment of Traders Positions as of Sep 11, 2018

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Commercials - Long / Short
32,067 (unch)
27,045 (-2,176)
Non-Commercials - Long / Short
12,906 (-965)
14,907 (+1,036)
Producers - Long / Short
28,441 (+89)
27,000 (-2,203)
Swap Dealers - Long / Short
3,581 (-116)
0 (unch)
Managed Money - Long / Short
7,151 (-1,159)
7,982 (+648)
Other Reportables - Long / Short
5,755 (+194)
6,925 (+388)
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Price Performance

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Period Period Low Period High Performance
1-Month
560-2 +4.73%
on 09/13/18
613-6 -4.40%
on 08/21/18
-25-2 (-4.13%)
since 08/20/18
3-Month
542-2 +8.21%
on 07/12/18
656-0 -10.56%
on 08/07/18
+9-0 (+1.56%)
since 06/20/18
52-Week
542-2 +8.21%
on 07/12/18
660-4 -11.17%
on 05/29/18
-54-0 (-8.43%)
since 09/20/17

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Wheat futures are trading 1 to 3 cents lower in the early going, with MPLS spring wheat the firmest and Chicago the weakest. They saw 10 to 12 cent gains in most CBT and KC contracts on Wednesday, with...

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 16% Sell with a Weakening 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 594-3
1st Resistance Point 591-1
Last Price 585-2
1st Support Level 582-1
2nd Support Level 576-3

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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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