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Wheat Jul '24 (ZWN24)

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Wheat Futures Market News and Commentary

Chicago Leads Wheat Pullback

Wheat futures backed off in the winter wheat contracts to start off the week. Chicago contracts were down 4 ½ to 13 ¾ cents on the session. Kansas City was down 1 ¼ to 3 ¾ cents across most contracts. MPLS was holding up, with contracts 2 ¾ cents to 7 cents higher, as May was 18 cents higher ahead of First Notice day. Russian growing regions are projected to see some precip over the coming week, which put pressure on Chicago.

This afternoon’s Crop Progress report showed that 30% of the US winter wheat crop headed as of 4/28. That was 9% ahead of the normal pace. Condition ratings were down 1% to 49% gd/ex, with the Brugler500 index down 2 points to 334. The spring wheat crop was 34% planted, well above the 19% average pace. The crop was also 5%  emerged, with the average pace at 5%.

Weekly Export Inspections data showed 481,183 MT of wheat shipped during the week that ended last Thursday, April 25. That was a jump of 6.85% on the week, with a 31.64% increase on the same... Read more

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. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$50
Margin/Maintenance
$2,585/2,350
First Notice Date
06/28/24 (60 days)
Expiration Date
07/12/24 (74 days)

Seasonal Chart

Wheat Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
135,439 (-5,588)
90,200 (+10,759)
Non-Commercials - Long / Short
123,697 (+4,923)
167,088 (-14,583)
Producers - Long / Short
42,499 (-7,559)
62,853 (+7,319)
Swap Dealers - Long / Short
73,093 (-226)
7,500 (+1,243)
Managed Money - Long / Short
79,084 (+3,301)
154,626 (-16,714)
Other Reportables - Long / Short
44,613 (+1,622)
12,462 (+2,131)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
550-0 +10.64%
on 04/18/24
633-2 -3.91%
on 04/26/24
+32-6 (+5.69%)
since 03/28/24
3-Month
537-6 +13.16%
on 03/11/24
633-2 -3.91%
on 04/26/24
-1-0 (-0.16%)
since 01/29/24
52-Week
537-6 +13.16%
on 03/11/24
799-0 -23.84%
on 07/25/23
-68-0 (-10.05%)
since 04/28/23

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Most Recent Stories

More News
Chicago Leads Wheat Pullback

Wheat futures backed off in the winter wheat contracts to start off the week. Chicago contracts were down 4 ½ to 13 ¾ cents on the session. Kansas City was down 1 ¼ to 3 ¾ cents across most contracts....

ZWK24 : 590-2s (-2.15%)
ZWN24 : 608-4s (-2.21%)
KEK24 : 643-6s (-0.39%)
KEN24 : 650-4s (-0.57%)
MWK24 : 715-2s (+2.58%)
Corn Leaks Lower into Close, USDA Reports Rapid Planting Pace

Corn futures ended the Monday session with contracts fractionally to 1 ¼ cents lower across most contracts. Tuesday is first notice data for May corn futures. Export Inspections data from FGIS showed...

ZCK24 : 439-2s (-0.17%)
ZCPAUS.CM : 4.2524 (-0.04%)
ZCN24 : 449-2s (-0.17%)
ZCZ24 : 472-6s (-0.16%)
ZCPZ24US.CM : 4.4154 (-0.20%)
Soybeans Pull From High, Still Hold Gains

Soybeans closed with contracts 1 ¼ to 4 ¾ cents higher on the Monday session despite showing double digit gains earlier in the day. Soymeal was in rally mode, as contracts were up $6.40 to $9.60/ton....

ZMN24 : 354.3s (+2.79%)
ZLN24 : 44.37s (-2.57%)
ZSK24 : 1160-6s (+0.11%)
ZSPAUS.CM : 11.1325 (+0.41%)
ZSN24 : 1182-0s (+0.40%)
ZSX24 : 1178-0s (+0.28%)
ZSPX24US.CM : 11.1750 (+0.30%)
Shootin' the Bull about not much of anything

Not much transpired today.  Traders just don't seem to be willing to produce premium on futures contract for the industry to dump cattle on them.  With beef production down 2.6% year over year, there...

Hogs Bounce Back After Weak Open

Hogs Close unchanged

Pure Hedge - Livestock and Grain

Sell into Strength. Ground Beef now being Tested for Bird Flu

Grain Spreads: KC Wheat

Futures Short Covering?

Crop Progress

Crop Progress - 2024-04-29

ZSN24 : 1182-0s (+0.40%)
ZSPAUS.CM : 11.1325 (+0.41%)
ZSBAUS.CM : -0.4749 (+6.59%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 3,940s (+0.25%)
XTN24 : 4,641s (-0.22%)
ZCN24 : 449-2s (-0.17%)
ZCPAUS.CM : 4.2524 (-0.04%)
ZCBAUS.CM : -0.1401 (+3.98%)
XVN24 : 2,387s (-0.38%)
XEU24 : 59.60 (+0.34%)
Farmer Versus Speculator: A Look At Who Is Winning The Current War On Price In Grains

The impact of farmer length when it comes to price moves as speculators work to cover their shorts.

Corn Showing Fractional Trade at Midday

Corn futures are showing fractional losses so far on Monday. Preliminary open interest dropped a sharp 39,164 contracts. That was to be expected given the expiration of the May options (OI there declined...

ZCK24 : 439-2s (-0.17%)
ZCPAUS.CM : 4.2524 (-0.04%)
ZCN24 : 449-2s (-0.17%)
ZCZ24 : 472-6s (-0.16%)
ZCPZ24US.CM : 4.4154 (-0.20%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Average Signal Strength.

Key Turning Points

3rd Resistance Point 641-4
2nd Resistance Point 632-4
1st Resistance Point 620-4
Last Price 608-4s
1st Support Level 599-4
2nd Support Level 590-4
3rd Support Level 578-4

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52-Week High 799-0
Fibonacci 61.8% 699-2
Fibonacci 50% 668-3
Fibonacci 38.2% 637-4
Last Price 608-4s
52-Week Low 537-6

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