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Spring Wheat Sep '18 (MWU18)

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Spring Wheat Futures Market News and Commentary

Wheats End Off Highs But Hold Gains

The front month wheat market contracts rallied out of the weekend. Chicago prices ended the day 1 ¼ cents off the session high and 12 to 14 ¼ cents in the black. KC closed 7 ½ to 8 ¼ cents in the black for Monday. MGE was 4 ¼ to 5 cents higher for the day. 

Weekly wheat export shipments were shown at 302k MT for the week that ended 3/14. That was down from 467k MT the week prior and was 73k MT below the same week last year. The week’s shipment by class was 83k MT of HRW and 74k MT of HRS. USDA also added 63k MT to past reports which had the season’s total shipment at 13.74 MMT. That remains 15.6% behind last year’s export pace. 

Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 12.9 MMT of wheat, for the season-to-date. That is 9.4% below last year, though wheat exports remain 5% above last year’s pace. 

Strategie Grains estimated EU wheat output at 121.6 MMT for the 24/25 crop. That was a 1 MMT cut, citing excessive rains. 

 

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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
08/31/18
Expiration Date
09/14/18 (expired)

Seasonal Chart

Spring Wheat Sep '18
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Mar 12, 2024

View Chart Details
Commercials - Long / Short
35,418 (-1,447)
14,706 (+891)
Non-Commercials - Long / Short
10,722 (+980)
30,473 (-1,133)
Producers - Long / Short
33,470 (-1,735)
14,159 (+1,128)
Swap Dealers - Long / Short
1,682 (+283)
281 (-242)
Managed Money - Long / Short
7,974 (+944)
29,785 (-1,455)
Other Reportables - Long / Short
2,748 (+36)
688 (+322)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
541-2 +2.91%
on 09/07/18
615-2 -9.47%
on 08/17/18
-39-2 (-6.58%)
since 08/14/18
3-Month
523-6 +6.35%
on 07/12/18
639-0 -12.83%
on 08/07/18
-32-6 (-5.55%)
since 06/14/18
52-Week
523-6 +6.35%
on 07/12/18
654-4 -14.90%
on 05/29/18
-76-4 (-12.08%)
since 09/14/17

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The consumer is on the verge of additional sticker shock by weeks end.  Gasoline is up another two and a half cents today.  This is tacked on to the $.23 in the past 7 days, and a new contract high for...

Corn Closed Firm for Monday

The corn market initially tried for gains to start the week though faded back to close UNCH to fractionally lower. The weekly Export Inspections data showed 1.24 MMT of corn was shipped during the week...

ZCK24 : 437-4 (+0.34%)
ZCPAUS.CM : 4.1076 (-0.12%)
ZCN24 : 450-0 (+0.28%)
ZCU24 : 459-4 (+0.33%)
Wheats End Off Highs But Hold Gains

The front month wheat market contracts rallied out of the weekend. Chicago prices ended the day 1 ¼ cents off the session high and 12 to 14 ¼ cents in the black. KC closed 7 ½ to 8 ¼ cents in the black...

ZWK24 : 543-4 (+0.14%)
ZWN24 : 558-0 (+0.09%)
KEK24 : 575-0 (+0.22%)
MWK24 : 653-0 (+0.35%)
Beans Fade Out of Weekend

Soybean futures were 8 ¼ to 10 ½ cents weaker across the front months to start the week. July held above the $12 mark for the close, while May spiked over the $12 mark at the high. Soymeal futures were...

ZMK24 : 333.1 (+0.36%)
ZLK24 : 48.75 (+0.10%)
ZSK24 : 1190-6 (+0.25%)
ZSPAUS.CM : 11.3143 (-0.91%)
ZSN24 : 1205-4 (+0.27%)
ZSQ24 : 1202-2 (+0.27%)
Are Feedlots Current?

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Wheat Rallying Double Digits through Midday

Front month wheat prices are trading near their highs at midday with double digit gains. Chicago futures are currently 12 ½ to 13 ¾ cents higher so far. KC wheat prices are working 10 ¾ to 11 ½ cents...

ZWK24 : 543-4 (+0.14%)
ZWN24 : 558-0 (+0.09%)
KEK24 : 575-0 (+0.22%)
MWK24 : 653-0 (+0.35%)
Midday Gains for Monday Corn Market

Corn futures are working fractionally to 1 ¼ cents in the black so far starting the week. The May contract was up by 3 ¾ cents earlier in the session for a 6 ½ cent trading rangeCME reported OI dropped...

ZCK24 : 437-4 (+0.34%)
ZCPAUS.CM : 4.1076 (-0.12%)
ZCN24 : 450-0 (+0.28%)
ZCU24 : 459-4 (+0.33%)
Beans Fading through Monday

Soybeans are ~5 cents off their lows at midday but still 2 to 7 cents in the red. The May contract was above the $12 mark at the session’s high for an 18c trading range so far starting the week. Soymeal...

ZMK24 : 333.1 (+0.36%)
ZLK24 : 48.75 (+0.10%)
ZSK24 : 1190-6 (+0.25%)
ZSPAUS.CM : 11.3143 (-0.91%)
ZSN24 : 1205-4 (+0.27%)
ZSQ24 : 1202-2 (+0.27%)
Wheat Recover Underway for Monday

Wheat prices are back up by 3 to 8 cents across the U.S. markets this morning. The Friday wheat market ended with prices off their lows but still 1 to 8 ¾ cents in the red. Chicago was the firmest on...

ZWK24 : 543-4 (+0.14%)
ZWN24 : 558-0 (+0.09%)
KEK24 : 575-0 (+0.22%)
MWK24 : 653-0 (+0.35%)

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 557-0
1st Resistance Point 557-0
Last Price 557-0s
1st Support Level 557-0
2nd Support Level 557-0
3rd Support Level N/A

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52-Week High 654-4
Fibonacci 61.8% 604-4
Fibonacci 50% 589-1
Fibonacci 38.2% 573-6
Last Price 557-0s
52-Week Low 523-6

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