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Spring Wheat Mar '17 (MWH17)

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Spring Wheat Futures Market News and Commentary

Wheat Leading the Grain Charge Higher on Monday

The wheat market led the grain rally on Monday. Chicago contracts were up 10 to 21 cents across the board. Kansas City futures were 16 ¼ to 20 ¼ cents higher on the day. MPLS spring wheat posted lighter gains, but still 3 ¼ to 10 ¼ cents higher. A few reports of some frost over the weekend were reported in parts of HRW country, helping to push the market higher.

After the close, NASS reported that the US winter wheat crop 17% headed, 4% above the normal pace. Condition ratings for the crop were at 50% gd/ex, a 5% drop on the week. That took the Brugler500 index down 10 points to 336. The spring wheat crop was 15% planted, 5% faster than normal and well above last year’s pace. USDA also reported the crop 2% emerged, 1% below normal. 

Weekly Export Inspection data from USDA showed 450,275 MT of wheat shipped in the week that ended on April 18. That was a 27.4% drop from last week but was still 23.76% larger than the same week in 2023. Japan was the top destination, with 91... 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
02/28/17
Expiration Date
03/14/17 (expired)

Seasonal Chart

Spring Wheat Mar '17
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Apr 16, 2024

View Chart Details
Commercials - Long / Short
39,518 (-2,443)
15,716 (-1,535)
Non-Commercials - Long / Short
11,300 (+107)
34,692 (-1,186)
Producers - Long / Short
36,609 (-2,307)
15,173 (-1,454)
Swap Dealers - Long / Short
2,679 (+135)
313 (+190)
Managed Money - Long / Short
8,534 (+610)
34,145 (-929)
Other Reportables - Long / Short
2,766 (-503)
547 (-257)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
515-0 +0.92%
on 03/14/17
570-0 -8.82%
on 02/15/17
-48-4 (-8.53%)
since 02/14/17
3-Month
515-0 +0.92%
on 03/14/17
590-0 -11.91%
on 01/17/17
-21-4 (-3.97%)
since 12/14/16
52-Week
490-0 +6.07%
on 08/31/16
594-6 -12.61%
on 06/08/16
-45-0 (-7.97%)
since 03/14/16

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Corn Rallies on Monday

Corn futures got some help from the other grains in the complex, as contracts closed with gains of 3 to 6 ¾ cents across the board. Positive Inspections data and spillover strength from wheat were supportive....

ZCK24 : 440-2 (+0.11%)
ZCPAUS.CM : 4.2409 (+1.55%)
ZCN24 : 449-6 (unch)
ZCZ24 : 473-0 (+0.11%)
ZCPZ24US.CM : 4.4129 (+1.44%)
Wheat Leading the Grain Charge Higher on Monday

The wheat market led the grain rally on Monday. Chicago contracts were up 10 to 21 cents across the board. Kansas City futures were 16 ¼ to 20 ¼ cents higher on the day. MPLS spring wheat posted lighter...

ZWK24 : 575-2 (+0.88%)
ZWN24 : 592-6 (+0.89%)
KEK24 : 603-6 (+1.05%)
KEN24 : 608-4 (+1.00%)
MWK24 : 662-6 (+1.07%)
Soybeans Slip From Highs, Still Post Double Digit Gains

Soybeans closed the week’s opening session with contracts 8 ½ to 11 ¾ at the closing bell. Soymeal was up 60 cents to $2.10 on the day to help with product support. The real support was from Soy Oil...

ZMN24 : 345.1 (+0.09%)
ZLN24 : 45.57 (-0.20%)
ZSK24 : 1161-2 (+0.02%)
ZSPAUS.CM : 11.0827 (+1.04%)
ZSN24 : 1176-0 (-0.04%)
ZSX24 : 1171-0 (-0.06%)
ZSPX24US.CM : 11.1135 (+0.97%)
Grain Spreads: 3 Stories for Wheat

Wheat reversal on Weekly

Shootin' the Bull about covering shorts

Short futures traders are believed to have been the biggest buyers today.  How open interest ends up on today's trade may help to decipher how interested traders are.

Crop Progress

Crop Progress - 2024-04-22

ZSN24 : 1176-0 (-0.04%)
ZSPAUS.CM : 11.0827 (+1.04%)
ZSBAUS.CM : -0.5273 (+1.77%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSK24 : 3,719s (-0.85%)
XTN24 : 4,630s (+0.04%)
ZCN24 : 449-6 (unch)
ZCPAUS.CM : 4.2409 (+1.55%)
ZCBAUS.CM : -0.1565 (+1.51%)
XVN24 : 2,412s (+0.21%)
XEU24 : 59.05 (-0.17%)
Soybeans Posting Double Digit Gains on Monday

Soybeans are posting double digit 11 to 14 cent gains on Monday, helped out by the oil part of the products. Preliminary open interest from Friday showed some net new buying, up 2,147 contracts. Soymeal...

ZMN24 : 345.1 (+0.09%)
ZLN24 : 45.57 (-0.20%)
ZSK24 : 1161-2 (+0.02%)
ZSPAUS.CM : 11.0827 (+1.04%)
ZSN24 : 1176-0 (-0.04%)
ZSX24 : 1171-0 (-0.06%)
ZSPX24US.CM : 11.1135 (+0.97%)
Corn Following Grain Strength, Helped by Large Export Shipment Total

Corn futures are pushing higher to start the week, with contracts up 5 to 7 cents at midday. Spillover support from strength in wheat is helping. Preliminary open interest rose 5,697 contracts on Friday...

ZCK24 : 440-2 (+0.11%)
ZCPAUS.CM : 4.2409 (+1.55%)
ZCN24 : 449-6 (unch)
ZCZ24 : 473-0 (+0.11%)
ZCPZ24US.CM : 4.4129 (+1.44%)

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 522-7
1st Resistance Point 521-3
Last Price 519-6s
1st Support Level 516-5
2nd Support Level 513-3
3rd Support Level N/A

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52-Week High 594-6
Fibonacci 61.8% 554-6
Fibonacci 50% 542-3
Fibonacci 38.2% 530-0
Last Price 519-6s
52-Week Low 490-0

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