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Wheat Dec '18 (ZWZ18)

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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
Chicago Soft Red Winter 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. - 1:20p.m. (Sun-Fri) CST
Exchange
CBOT
Point Value
$50
Margin/Maintenance
$1,375/1,250
First Notice Date
11/30/18
Expiration Date
12/14/18 (3 days)

Seasonal Chart

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
173,100 (+8,533)
147,246 (-19,432)
Non-Commercials - Long / Short
130,727 (-26,153)
146,296 (-745)
Producers - Long / Short
70,653 (+13,484)
129,167 (-10,919)
Swap Dealers - Long / Short
91,116 (+800)
6,748 (-2,762)
Managed Money - Long / Short
81,196 (+2,126)
119,940 (+1,228)
Other Reportables - Long / Short
49,531 (-28,279)
26,356 (-1,973)
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Price Performance

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Period Period Low Period High Performance
1-Month
492-0 +3.61%
on 11/29/18
525-2 -2.95%
on 12/03/18
+7-6 (+1.54%)
since 11/09/18
3-Month
485-4 +4.99%
on 10/25/18
531-2 -4.05%
on 09/24/18
-9-0 (-1.73%)
since 09/11/18
52-Week
468-2 +8.86%
on 12/12/17
613-0 -16.84%
on 08/02/18
+35-4 (+7.49%)
since 12/11/17

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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 8% Buy with a Weakest 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 511-3
1st Resistance Point 510-5
Last Price 509-6s
1st Support Level 509-3
2nd Support Level 508-7

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52-Week High 613-0
Fibonacci 61.8% 557-6
Fibonacci 50% 540-5
Fibonacci 38.2% 523-4
Last Price 509-6s
52-Week Low 468-2

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InsideFutures Commentary

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