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Wheat Sep '24 (ZWU24)

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Wheat Futures Market News and Commentary

Wheat Starts the Weak with Sharp Losses

The wheat market ended the Monday session with double digit losses across the three exchanges. Chicago futures were down 10 ¼ to 20 cents on the day. Kansas City contracts fell 15 ¼ to 21 ¾ cents across the board on Monday. MPLS spring wheat was 10 to 15 ¾ cents in the red as the final bell rang.

The US winter wheat harvest was tallied at 63% complete by July 7, now 11% above the average pace. The spring wheat crop was listed at 59% headed, 1% lagging the average pace. Condition ratings were up 3% to 75% gd/ex, as the Brugler500 index (factoring in all 5 ratings) was up 2 points to 380.

Wheat shipments were pegged at 341,005 MT (12.5 mbu) during the week that ended on July 4th. That was up 1.7% from the week prior but down 18.7% vs. the same week last year. Of that total, 92,188 MT was split out as headed to Japan, with 67,761 MT headed to South Korea an 55,200 MT to Peru. In the first month+ of the marketing year, exporters have shipped 1.73 MMT (63.6 mbu) so far, which... 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
08/30/24 (52 days)
Expiration Date
09/13/24 (66 days)

Seasonal Chart

Wheat Sep '24
Average Price Chart for 5 Prior Sep Contracts

Commitment of Traders Positions as of Jul 2, 2024

View Chart Details
Commercials - Long / Short
156,262 (-8,536)
112,330 (-5,911)
Non-Commercials - Long / Short
130,176 (+10,921)
168,866 (+5,079)
Producers - Long / Short
60,786 (-9,131)
80,339 (-10,850)
Swap Dealers - Long / Short
70,264 (-3,985)
6,779 (+359)
Managed Money - Long / Short
67,893 (+3,558)
141,851 (+8,761)
Other Reportables - Long / Short
62,283 (+7,363)
27,015 (-3,682)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
556-6 +2.65%
on 06/26/24
652-6 -12.45%
on 06/11/24
-77-6 (-11.98%)
since 06/07/24
3-Month
556-6 +2.65%
on 06/26/24
739-2 -22.69%
on 05/28/24
-17-2 (-2.93%)
since 04/09/24
52-Week
550-0 +3.91%
on 03/06/24
796-2 -28.23%
on 07/25/23
-129-0 (-18.42%)
since 07/07/23

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Most Recent Stories

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Cattle Markets fall to start the week on Weakness

Cattle bulls can't support futures as they break down hard on Monday

Wheat Starts the Weak with Sharp Losses

The wheat market ended the Monday session with double digit losses across the three exchanges. Chicago futures were down 10 ¼ to 20 cents on the day. Kansas City contracts fell 15 ¼ to 21 ¾ cents across...

ZWN24 : 553-0s (-3.36%)
ZWU24 : 571-4 (+0.18%)
KEN24 : 573-4s (-3.65%)
KEU24 : 579-2 (+0.35%)
MWN24 : 621-0s (unch)
Soybeans Collapse on Monday

Soybean bears came out of the weekend with a vengeance, as contracts fell 16 to 30 ¼ cents across the board. There was no assistance from the products this time, as Soymeal was down $4.50 to $11.10/ton...

ZMZ24 : 320.4 (-0.31%)
ZLZ24 : 47.37 (-1.84%)
ZSN24 : 1174-2s (-1.20%)
ZSPAUS.CM : 11.1250 (+0.06%)
ZSQ24 : 1150-0 (+0.09%)
ZSX24 : 1094-4 (-0.45%)
ZSPX24US.CM : 10.3333 (-0.49%)
Corn Falls to Kick off Week

Corn futures fell out of the gates on Monday, with front months down 12 ½ to 17 ¼ cents and deferred contracts losing 4 ½ to 9 ½ cents. Crop Progress data showed 24% of the corn crop as silking 10%...

ZCN24 : 395-6s (-3.77%)
ZCPAUS.CM : 3.7994 (-0.11%)
ZCU24 : 392-6 (-0.13%)
ZCZ24 : 407-4 (-0.06%)
ZCPZ24US.CM : 3.7757 (-0.07%)
Grain Spreads: No Weather Premium So Far

Cooler and Wetter Pressures Grains

Crop Progress

Crop Progress - 2024-07-08

ZSX24 : 1094-4 (-0.45%)
ZSPAUS.CM : 11.1250 (+0.06%)
ZSBAUS.CM : -0.3722 (+0.29%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSU24 : 3,907s (-0.18%)
XTU24 : 4,700s (-0.34%)
ZCZ24 : 407-4 (-0.06%)
ZCPAUS.CM : 3.7994 (-0.11%)
ZCBAUS.CM : -0.1287 (+2.79%)
XVU24 : 2,465s (-0.28%)
XEU24 : 57.68 (+0.02%)
Shootin' the Bull about feeder basis going positive?

Hence, long way around the barn, but don't be surprised to see a greater than $8.00 positive basis form and potentially remain that way into the end of August.

Wheat Pressured Lower to Start Week

The wheat market is trading with double digit losses across the three exchanges on Monday, giving back the gains from the Friday session. Chicago futures are down 19 to 24 cents so far on the day. Kansas...

ZWN24 : 553-0s (-3.36%)
ZWU24 : 571-4 (+0.18%)
KEN24 : 573-4s (-3.65%)
KEU24 : 579-2 (+0.35%)
MWN24 : 621-0s (unch)
Soybeans in Freefall on Monday

Soybeans are posting 20 to 33 cent lower action as we trade through Monday’s midday. Bears took the Friday session off but are coming back with a vengeance today. Soymeal is down $8.00/ton in the August...

ZMZ24 : 320.4 (-0.31%)
ZLZ24 : 47.37 (-1.84%)
ZSN24 : 1174-2s (-1.20%)
ZSPAUS.CM : 11.1250 (+0.06%)
ZSQ24 : 1150-0 (+0.09%)
ZSX24 : 1094-4 (-0.45%)
ZSPX24US.CM : 10.3333 (-0.49%)
Corn Collapsing at Midday

Corn futures are falling 14 to 18 cents so far on the Monday session, as traders come back to a wetter ECB forecast. Preliminary open interest showed some net new buying, up 2,588 contracts. There were...

ZCN24 : 395-6s (-3.77%)
ZCPAUS.CM : 3.7994 (-0.11%)
ZCU24 : 392-6 (-0.13%)
ZCZ24 : 407-4 (-0.06%)
ZCPZ24US.CM : 3.7757 (-0.07%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 610-2
2nd Resistance Point 600-4
1st Resistance Point 585-4
Last Price 571-0
1st Support Level 560-6
2nd Support Level 551-0
3rd Support Level 536-0

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52-Week High 796-2
Fibonacci 61.8% 702-1
Fibonacci 50% 673-1
Fibonacci 38.2% 644-1
Last Price 571-0
52-Week Low 550-0

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