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Wheat Dec '21 (ZWZ21)

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Wheat Futures Market News and Commentary

Wheat Followed Corn’s Rally on Thursday

Despite neutral to bear-friendly NASS data, wheat futures rallied into the 3-day Holiday weekend. The spring wheat futures faded on the higher acreage to close 3 ½ to 6 cents in the red. Chicago prices were 8 cents off their highs for the close, but still 8 ¾ to 12 ¾ cents higher for the day. July SRW ended the week with a net 6 ¼ cent gain, but was still at a 3 ½ cent loss through the month of March. HRW futures were also ~9 cents off their highs for the close, but the 5 ½ to 7 cent front month gains helped July HRW to limit the week’s loss to 5 cents and flipped the board a net 5 ½ cents higher for the month. 

The annual Prospective plantings data showed winter wheat area totaled 34.135 million acres, compared to the 34.7 million assumed going in. Total wheat area was 47.498 million acres vs 49.575 million planted last year and 47.3 million expected. Other spring area was surveyed at 11.335 million acres, which was up 135,000 yr/yr. Texas winter wheat was down 500k acres vs... 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
11/30/21
Expiration Date
12/14/21 (expired)

Seasonal Chart

Wheat Dec '21
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Mar 19, 2024

View Chart Details
Commercials - Long / Short
146,951 (+2,967)
89,056 (+852)
Non-Commercials - Long / Short
119,628 (-949)
175,688 (+1,342)
Producers - Long / Short
51,213 (+3,245)
54,743 (-2,991)
Swap Dealers - Long / Short
69,366 (-5,062)
7,941 (-941)
Managed Money - Long / Short
79,423 (+3,107)
160,625 (+5,683)
Other Reportables - Long / Short
40,205 (-4,056)
15,063 (-4,341)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
769-0 +2.15%
on 12/10/21
863-2 -9.01%
on 11/24/21
-31-4 (-3.86%)
since 11/12/21
3-Month
686-0 +14.50%
on 09/21/21
863-2 -9.01%
on 11/24/21
+84-6 (+12.09%)
since 09/14/21
52-Week
598-4 +31.24%
on 12/16/20
863-2 -9.01%
on 11/24/21
+181-4 (+30.05%)
since 12/14/20

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Wheat Followed Corn’s Rally on Thursday

Despite neutral to bear-friendly NASS data, wheat futures rallied into the 3-day Holiday weekend. The spring wheat futures faded on the higher acreage to close 3 ½ to 6 cents in the red. Chicago prices...

ZWK24 : 560-2s (+2.33%)
ZWN24 : 575-6s (+2.31%)
KEK24 : 585-2s (+1.21%)
MWK24 : 645-0s (-0.92%)
Corn Rallied into 3-Day Weekend with NASS Data

Thursday’s trading session left the corn market ~6c off the day’s highs, but still 13 to 16 cents in the black. Old crop May ended the week with a 2 ¾ cent gain and finished the last trade day of...

ZCK24 : 442-0s (+3.57%)
ZCPAUS.CM : 4.2047 (+3.97%)
ZCN24 : 454-4s (+3.47%)
ZCU24 : 464-4s (+3.57%)
Mixed Close for Report Day Soybeans

Old crop beans ended the day with 1 to 1 ¼ cent losses, while the new crop contracts finished as much as 8 ¼ cents in the black. The May soybean contract finished the week with the same 1c loss, but...

ZMK24 : 337.7s (-0.38%)
ZLK24 : 47.95s (+0.59%)
ZSK24 : 1191-4s (-0.08%)
ZSPAUS.CM : 11.3491 (-0.02%)
ZSN24 : 1205-2s (-0.10%)
ZSQ24 : 1203-6s (-0.10%)
Shootin' the Bull about no more cheap corn

With the aspects of cheap corn now out of the picture, those declining cost of gains is now expected to rise.  While not necessarily bullish, the report is in no way bearish.  I think what it will do...

Corn Futures Rally Following Bullish USDA Report

The USDA report showed fewer acres of corn which sent prices sharply higher into the long weekend.

Agricultural Prices

Agricultural Prices - 2024-03-28

ZSK24 : 1191-4s (-0.08%)
ZSPAUS.CM : 11.3491 (-0.02%)
ZSBAUS.CM : -0.5658 (+1.27%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSK24 : 3,791s (-1.07%)
XTK24 : 4,754s (+0.44%)
ZCK24 : 442-0s (+3.57%)
ZCPAUS.CM : 4.2047 (+3.97%)
ZCBAUS.CM : -0.2152 (+3.58%)
XVK24 : 2,400s (+0.54%)
XEU24 : 61.17 (-0.44%)
Corn Rallies Out of Reports

Corn futures shot higher after NASS released data near midday. Current prices are working at or near their highs for the day with double digit gains of as much as 17 ¼ cents. NASS data showed corn stocks...

ZCK24 : 442-0s (+3.57%)
ZCPAUS.CM : 4.2047 (+3.97%)
ZCN24 : 454-4s (+3.47%)
ZCU24 : 464-4s (+3.57%)
Beans Back to Mixed for Midday

Soybeans were fading into the reports, before rallying out of the release. Current quotes are back to mixed as the new crop futures are holding fractional to 4 cent gains and old crop prices are back to...

ZMK24 : 337.7s (-0.38%)
ZLK24 : 47.95s (+0.59%)
ZSK24 : 1191-4s (-0.08%)
ZSPAUS.CM : 11.3491 (-0.02%)
ZSN24 : 1205-2s (-0.10%)
ZSQ24 : 1203-6s (-0.10%)
Wheat Futures Up Double Digits

Midday wheat futures are gaining double digits for midday, with prices ~5 cents off their highs. Chicago is up by as much as 2.9% for midday. KC wheat is gaining 8 to 11 cents so far. Spring wheat futures...

ZWK24 : 560-2s (+2.33%)
ZWN24 : 575-6s (+2.31%)
KEK24 : 585-2s (+1.21%)
MWK24 : 645-0s (-0.92%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 785-4
2nd Resistance Point 785-4
1st Resistance Point 785-4
Last Price 785-4s
1st Support Level 785-4
2nd Support Level 785-4
3rd Support Level 785-4

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52-Week High 863-2
Last Price 785-4s
Fibonacci 61.8% 762-1
Fibonacci 50% 730-7
Fibonacci 38.2% 699-5
52-Week Low 598-4

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