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Wheat May '24 (ZWK24)

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Wheat Futures Market News and Commentary

Wheat Reverting Higher on Thursday Morning

The wheat complex is heading higher across all three exchanges this morning. They quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board.  Kansas City futures were down 5 ½ to 8 ¼ cents on the day. MPLS spring wheat futures closed with most relevant contracts down 6 to 7 ¾ cents. Preliminary open interest showed a rotation of ownership with KC wheat up 210 contracts and Chicago up 729 contracts.

The second day of the Kansas HRW Wheat Quality Tour showed an average yield of 42.4 bpa. That is well above the 27.6 from last year and higher than the prior 3-year average of 40.4 bpa. That took the 2-day average to 45.8 bpa, a three year high. The tour also estimated the OK crop at 33.68 bpa, with production totaling 89.27 mbu, vs the 96.2 mbu estimate from USDA last week.

Weekly Export Sales data on Thursday is expected to show net reductions of 100,000... 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
$2,200/2,000
First Notice Date
04/30/24
Expiration Date
05/14/24 (expired)

Seasonal Chart

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
135,193 (+2,429)
108,188 (+7,986)
Non-Commercials - Long / Short
122,686 (+1,797)
140,471 (-4,874)
Producers - Long / Short
43,305 (-386)
79,154 (+5,762)
Swap Dealers - Long / Short
70,250 (+546)
7,396 (-45)
Managed Money - Long / Short
79,301 (+805)
123,848 (-4,277)
Other Reportables - Long / Short
43,385 (+992)
16,623 (-597)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
534-2 +22.98%
on 04/18/24
671-0 -2.09%
on 05/13/24
+101-0 (+18.17%)
since 04/12/24
3-Month
523-4 +25.50%
on 03/11/24
671-0 -2.09%
on 05/13/24
+74-0 (+12.69%)
since 02/14/24
52-Week
523-4 +25.50%
on 03/11/24
808-6 -18.76%
on 07/25/23
-25-4 (-3.74%)
since 05/12/23

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Most Recent Stories

More News
No Bull | The Five Spot

#5 | Big Bushels U.S. corn yields haven't hit/exceeded so-called trend (USDA’s initial print) since 2018 and although 2023 was a record-high yield at 177.3 - it fell well-below the 181.5 trend. In four...

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?

Soybeans Slightly Higher to Begin Thursday

Soybeans are posting fractional to 2 cent higher trade on Thursday morning. They slipped into the close, as contracts settled with losses of a penny to 4 ¾ cents after NOPA reported an ugly April crush...

ZMN24 : 369.9 (-0.48%)
ZLN24 : 44.30 (+1.72%)
ZSN24 : 1215-4 (+0.16%)
ZSPAUS.CM : 11.5283 (+0.19%)
ZSQ24 : 1216-2 (unch)
ZSX24 : 1198-6 (-0.19%)
ZSPX24US.CM : 11.3693 (-0.20%)
Wheat Reverting Higher on Thursday Morning

The wheat complex is heading higher across all three exchanges this morning. They quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago...

ZWN24 : 657-0 (-1.31%)
ZWU24 : 678-0 (-1.17%)
KEN24 : 672-2 (-0.41%)
KEU24 : 685-6 (-0.44%)
MWN24 : 723-0 (-0.55%)
Corn Back to Higher Trade on Thursday AM

Corn is trading 1 to 2 cents higher ahead of this morning’s Export Sales report. Futures faded the early gains on Wednesday, with contracts closing anywhere from 2 1/4 to 5 cents lower after July futures...

ZCN24 : 456-0 (-1.41%)
ZCPAUS.CM : 4.3196 (-1.65%)
ZCU24 : 466-6 (-1.37%)
ZCZ24 : 480-6 (-1.28%)
ZCPZ24US.CM : 4.5110 (-1.49%)
Grain Markets: Will Global Production Issues Continue to Push Wheat Prices Higher?

In my interview today with Michelle Rook on AgWeb's Markets Now I spoke about the recent move higher in wheat, soybean, and corn prices. I also discussed crude oil, interest rates, and the cattle markets....

ZWK24 : 657-0s (-1.98%)
ZSN24 : 1215-4 (+0.16%)
ZCK24 : 453-6s (-1.04%)
LEM24 : 179.200 (+0.53%)
Shootin' the Bull about more beef and fewer cattle

Of the most interest is that we are currently producing more beef than last year with fewer cattle.  Of everything you can mention that has created this, you are correct.  It's taken everything possible...

Corn Falters to Weakness on Wednesday

Corn futures faded the early gains on Wednesday, with contracts closing anywhere from 2 1/4 to 5 cents lower. Weather through the weekend shows much of the WCB drier, with portions of the Southern ECB...

ZCN24 : 456-0 (-1.41%)
ZCPAUS.CM : 4.3196 (-1.65%)
ZCU24 : 466-6 (-1.37%)
ZCZ24 : 480-6 (-1.28%)
ZCPZ24US.CM : 4.5110 (-1.49%)
Soybeans Pushed Lower Following Bearish NOPA Data

Soybeans slipped into the close, as contracts settled with losses of a penny to 4 ¾ cents after NOPA reported an ugly April crush number. Soymeal futures were down $1.60 to $2.70/ton at the close. Soy...

ZMN24 : 369.9 (-0.48%)
ZLN24 : 44.30 (+1.72%)
ZSN24 : 1215-4 (+0.16%)
ZSPAUS.CM : 11.5283 (+0.19%)
ZSQ24 : 1216-2 (unch)
ZSX24 : 1198-6 (-0.19%)
ZSPX24US.CM : 11.3693 (-0.20%)
Wheat Falls from Double Digit Morning Gains to End the Session Lower

The wheat complex quickly faded from the early double digit gains as losses were reported across the three exchanges on Wednesday. Chicago contracts posted losses of 6 ¾ to 11 cents across the board....

ZWN24 : 657-0 (-1.31%)
ZWU24 : 678-0 (-1.17%)
KEN24 : 672-2 (-0.41%)
KEU24 : 685-6 (-0.44%)
MWN24 : 723-0 (-0.55%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 657-0
2nd Resistance Point 657-0
1st Resistance Point 657-0
Last Price 657-0s
1st Support Level 657-0
2nd Support Level 657-0
3rd Support Level 657-0

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52-Week High 808-6
Fibonacci 61.8% 699-6
Fibonacci 50% 666-1
Last Price 657-0s
Fibonacci 38.2% 632-4
52-Week Low 523-4

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