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Spring Wheat May '24 (MWK24)

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Spring Wheat Futures Market News and Commentary

Wheat End the Thursday Session in the Red

The wheat complex found weakness again on Thursday, again quickly fading the early session gains. Chicago contracts were down 2 to 3 cents across most contracts. Kansas City futures closed with contracts steady to 1 ¾ cents lower. MPLS spring wheat was down 1 to 6 ¼ cents in most contracts.

The final day of the Kansas HRW Wheat Quality Tour was today, with the results totaling a tour average yield of 46.5 bpa. That is well above the 30 from last year and higher than the prior 5-year average of 42.4 bpa. The total production estimate pegged the KS crop at 290.4 mbu, well above the USDA’s 267.9 from last week.

Export Sales data from this morning showed all old crop wheat sales totaling 78,459 MT in the week that ended on May 9, on the high side of what was expected. New crop wheat bookings were tallied at 304,321 MT on the low side of estimates and down 25.04% from the week prior. The Philippines was the top buyer of 122,000 MT, with 50,000 MT sold to Yemen and 46,600 MT t... Read more

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) (Settles 1:30p.m.) CST
Exchange
MGEX
Point Value
$50
Margin/Maintenance
$2,750/2,500
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

Spring Wheat May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
24,445 (-1,335)
22,105 (+4,573)
Non-Commercials - Long / Short
11,719 (-165)
11,876 (-6,721)
Producers - Long / Short
20,518 (-2,306)
21,523 (+4,349)
Swap Dealers - Long / Short
3,474 (+839)
129 (+92)
Managed Money - Long / Short
8,599 (-526)
11,609 (-6,810)
Other Reportables - Long / Short
3,120 (+361)
267 (+89)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
632-6 +15.25%
on 04/17/24
745-0 -2.11%
on 05/13/24
+86-4 (+13.46%)
since 04/12/24
3-Month
625-2 +16.63%
on 04/03/24
745-0 -2.11%
on 05/13/24
+65-4 (+9.87%)
since 02/14/24
52-Week
625-2 +16.63%
on 04/03/24
941-4 -22.54%
on 07/25/23
-119-4 (-14.08%)
since 05/12/23

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Wheat End the Thursday Session in the Red

The wheat complex found weakness again on Thursday, again quickly fading the early session gains. Chicago contracts were down 2 to 3 cents across most contracts. Kansas City futures closed with contracts...

ZWN24 : 663-2s (-0.38%)
ZWU24 : 683-4s (-0.36%)
KEN24 : 673-2s (-0.26%)
KEU24 : 687-0s (-0.25%)
MWN24 : 720-6s (-0.86%)
Corn Futures Test Significant Support, Will it Hold?

Corn futures have been under pressure for the last three sessions after failing against resistance to start the week. Will support hold into the weekend or will the selling persist?

Wheat Pulling on Thursday

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ZWN24 : 663-2s (-0.38%)
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KEN24 : 673-2s (-0.26%)
KEU24 : 687-0s (-0.25%)
MWN24 : 720-6s (-0.86%)
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ZCPZ24US.CM : 4.5210 (-1.27%)
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No Bull | The Five Spot

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Did yesterday’s selloff change the technical picture for corn?

Corn futures were under pressure the last few days, but was it enough to cause technical damage or is the trend still intact?

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 729-2
2nd Resistance Point 729-2
1st Resistance Point 729-2
Last Price 729-2s
1st Support Level 729-2
2nd Support Level 729-2
3rd Support Level 729-2

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52-Week High 941-4
Fibonacci 61.8% 820-6
Fibonacci 50% 783-3
Fibonacci 38.2% 746-0
Last Price 729-2s
52-Week Low 625-2

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