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Wheat Jul '23 (ZWN23)

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Wheat Futures Market News and Commentary

Wheat Slips Lower on Friday, with Help from USDA

Wheat futures ended the Friday session with losses though they were off the lows at the close. That was despite a more friendly acreage number, as stocks were burdensome. Chicago contracts were steady to 6 ¼ cents lower, as September was down 2 ¼ cents on the week. Kansas City futures were fractionally to 10 1/2 cents weaker on the day, with September own just ¾ this week. MPLS spring wheat was mixed with contracts anywhere from 5 cents lower to as much as 11 cents higher in the deferreds. The Chicago September contract was down $1.26 during June, with KC losing $1.37 and Sep MGE $1.36 ¾ lower.

All wheat acres across the US were tallied at 47.24 million acres, which is down 258,000 acres from the March report, and 417,000 acres below expectations. Winter wheat is seen at 33.805 million acres, below the 34.135 million via Intentions. Spring wheat was tilled at 11.27 million acres, just below estimates, with durum above expectations at 2.165 million acres. 

June 1 stocks (... 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
$2,310/2,100
First Notice Date
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

Wheat Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Jun 25, 2024

View Chart Details
Commercials - Long / Short
164,798 (+2,412)
118,241 (-12,022)
Non-Commercials - Long / Short
119,255 (+1,766)
163,787 (+19,728)
Producers - Long / Short
69,917 (+3,307)
91,189 (-10,121)
Swap Dealers - Long / Short
74,249 (+1,230)
6,420 (+224)
Managed Money - Long / Short
64,335 (+5,171)
133,090 (+19,423)
Other Reportables - Long / Short
54,920 (-3,405)
30,697 (+305)
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Price Performance

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Period Period Low Period High Performance
1-Month
614-2 +4.44%
on 07/13/23
756-6 -15.23%
on 06/26/23
+11-2 (+1.79%)
since 06/14/23
3-Month
573-2 +11.91%
on 05/31/23
756-6 -15.23%
on 06/26/23
-51-0 (-7.36%)
since 04/14/23
52-Week
573-2 +11.91%
on 05/31/23
949-4 -32.44%
on 10/10/22
-184-0 (-22.29%)
since 07/14/22

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Wheat Slips Lower on Friday, with Help from USDA

Wheat futures ended the Friday session with losses though they were off the lows at the close. That was despite a more friendly acreage number, as stocks were burdensome. Chicago contracts were steady...

ZWN24 : 556-0 (+0.45%)
ZWU24 : 575-0 (+0.26%)
KEN24 : 590-2 (+0.47%)
KEU24 : 586-0 (-0.04%)
MWN24 : 613-0s (+0.37%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 641-4
2nd Resistance Point 641-4
1st Resistance Point 641-4
Last Price 641-4s
1st Support Level 641-4
2nd Support Level 641-4
3rd Support Level 641-4

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52-Week High 949-4
Fibonacci 61.8% 805-6
Fibonacci 50% 761-3
Fibonacci 38.2% 717-0
Last Price 641-4s
52-Week Low 573-2

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