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Spring Wheat Dec '24 (MWZ24)

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Spring Wheat Futures Market News and Commentary

Wheat Extends Gains into Wednesday’s Close

The wheat complex posted Wednesday gains across the three markets at the close. Chicago SRW futures were up ½ to 4 ¼ cents on the day. KC HRW contracts saw 3 ½ to 5 cent gains on the session. MPLS spring wheat was up 1 to 3 ¼ cents.

Thursday morning’s Export Sales report is expected to show 250,000 to 550,000 MT of all wheat sales for the week that ended on October 3. 

USDA will release their monthly WASDE report on Friday, with the trade looking for all wheat ending stocks at 820 million bushels according to a Bloomberg poll of analysts. The range is between 788 to 846 mbu.

Algeria purchased between 510,000 and 570,000 MT of wheat in their recent tender on Wednesday, with most expected to originate from Russia.

Dec 24 CBOT Wheat  closed at $5.99, up 4 1/4 cents,

Mar 25 CBOT Wheat  closed at $6.22 1/4, up 4 cents,

Dec 24 KCBT Wheat  closed at $6.08 3/4, up 5 cents,

Mar 25 KCBT Wheat  closed at $6.25, up 4 3/4 cents,

Dec 24 MGEX Wheat  ... 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
$2,090/1,900
First Notice Date
11/29/24 (51 days)
Expiration Date
12/13/24 (65 days)

Seasonal Chart

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

Commitment of Traders Positions as of Oct 1, 2024

View Chart Details
Commercials - Long / Short
37,163 (+209)
25,147 (+973)
Non-Commercials - Long / Short
13,962 (+1,981)
27,073 (+976)
Producers - Long / Short
34,041 (+239)
24,757 (+1,102)
Swap Dealers - Long / Short
2,980 (-6)
248 (-105)
Managed Money - Long / Short
10,755 (+2,260)
24,509 (+350)
Other Reportables - Long / Short
3,207 (-279)
2,564 (+626)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
604-0 +8.15%
on 09/30/24
655-0 -0.27%
on 10/09/24
+43-2 (+7.09%)
since 09/10/24
3-Month
563-0 +16.03%
on 08/26/24
655-0 -0.27%
on 10/09/24
+23-6 (+3.77%)
since 07/10/24
52-Week
563-0 +16.03%
on 08/26/24
800-0 -18.34%
on 10/20/23
-141-4 (-17.80%)
since 10/10/23

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Pure Hedge - Livestock and Grain

Livestock Markets - Lower. Grains - Higher. Before the WASDE Report on Friday

Corn Trade Holds Steady on Wednesday

Corn futures closed out the Wednesday session with most contracts within ½ cent of unchanged, as just nearby Dec was up ¼ cent. The national average Cash Corn price from cmdtyView was steady today at...

ZCPAUS.CM : 3.8813 (+0.02%)
ZCZ24 : 422-4 (+0.36%)
ZCZ24 : 422-4 (+0.36%)
ZCH25 : 439-4 (+0.34%)
Wheat Extends Gains into Wednesday’s Close

The wheat complex posted Wednesday gains across the three markets at the close. Chicago SRW futures were up ½ to 4 ¼ cents on the day. KC HRW contracts saw 3 ½ to 5 cent gains on the session. MPLS spring...

KEH25 : 632-6 (+1.24%)
MWZ24 : 653-6 (+0.85%)
KEZ24 : 617-0 (+1.36%)
ZWZ24 : 608-2 (+1.54%)
ZWH25 : 631-0 (+1.41%)
Soybeans Pull Out Gains on Wednesday Despite Product Weakness

Soybeans settled Wednesday with contracts up anywhere from 1 ¼ to 4 cents. CmdtyView’s national front month Cash Bean price was up 4 1/4 cents at $9.57 1/4. Soymeal was down a dime to $1.80/ton on...

ZLZ24 : 43.19 (+0.30%)
ZMZ24 : 321.2 (unch)
ZSPAUS.CM : 9.5731 (+0.46%)
ZSX24 : 1022-6 (+0.25%)
ZSX24 : 1022-6 (+0.25%)
ZSF25 : 1039-4 (+0.24%)
Grain Spreads: WASDE Report & Wheat Outlook

Corn, Beans, Wheat Examined

Shootin' the Bull about definitive price action.

Price action today is weighted as definitive.  Fats posted an outside reversal and dark shadow on the candlestick charts.

Wheat Extending Gains on Wednesday

The wheat complex is showing Wednesday gains across the three exchanges at midday. Chicago SRW futures are up 3 to 4 cents on the day. KC HRW contracts are posting 4 to 5 cent gains on the session. MPLS...

KEH25 : 632-6 (+1.24%)
MWZ24 : 653-6 (+0.85%)
KEZ24 : 617-0 (+1.36%)
ZWZ24 : 608-2 (+1.54%)
ZWH25 : 631-0 (+1.41%)
Soybeans Reverting Higher at Wednesday’s Midday

Soybeans are showing 3 to 6 cent gains so far on Wednesday. CmdtyView’s national front month Cash Bean price is up 5 1/2 cents at $9.58 1/2. Soymeal is down 80 cents/ton on the day. Soy Oil futures...

ZLZ24 : 43.19 (+0.30%)
ZMZ24 : 321.2 (unch)
ZSPAUS.CM : 9.5731 (+0.46%)
ZSX24 : 1022-6 (+0.25%)
ZSX24 : 1022-6 (+0.25%)
ZSF25 : 1039-4 (+0.24%)
Corn Eking Out Gains on Wednesday

Corn futures are showing fractional gains across the front months as we trade through Wednesday’s midday. The national average Cash Corn price from cmdtyView is up 1/2 cent at $3.89 3/4 per bu. USDA...

ZCPAUS.CM : 3.8813 (+0.02%)
ZCZ24 : 422-4 (+0.36%)
ZCZ24 : 422-4 (+0.36%)
ZCH25 : 439-4 (+0.34%)
Grains: What Will Watson Do Next?

Noncommercial traders in the Grains sector have been moving to the sidelines. We'll see if the various markets provide a fundamental reason for funds to eventually go net-long futures.

IWY00 : 528.80s (+0.91%)
ZCZ24 : 422-4 (+0.36%)
IPY00 : 603.01s (+0.58%)
IHY00 : 549.18s (+0.90%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 667-7
2nd Resistance Point 661-3
1st Resistance Point 654-7
Last Price 654-2
1st Support Level 641-7
2nd Support Level 635-3
3rd Support Level 628-7

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52-Week High 800-0
Fibonacci 61.8% 709-4
Fibonacci 50% 681-4
Last Price 654-2
Fibonacci 38.2% 653-4
52-Week Low 563-0

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