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Wheat May '24 (ZWK24)
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Wheat Futures Market News and Commentary

Wheat Futures Fall 2% on Thursday

Front month wheat futures ended the day with double digit losses of over 2% across all three domestic classes. Chicago was 13 to 14 cents lower and are now sub-$6 through Sep. KC futures ended the day 15 ¼ to 17 ¼ cents weaker, also sub $6 in the May and July contracts. Spring wheat futures settled 12 cents lower on the day. 

USDA’s monthly wheat S&D update lowered domestic food use by 10 mbu and added it to stocks for a 658 mbu carryout. The trade was looking for a slightly tighter carryout on average. 

Globally, USDA’s WAOB raised the wheat production by 830k MT to 785.74 MMT. Trade was raised by 1.15 MMT with Ukraine, Australia, and Argentina grabbing most of the increase. Chinese wheat imports were cut by 500k MT in the update. On net, carryout was 590k MT tighter compared to the expected 500k MT. 

The weekly wheat bookings were shown at 378.4k MT compared to the 275k to 550k MT expected range. Wheat commitments were up to 17.25 MMT, a 5.8% lead over last year’... 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
$2,860/2,600
First Notice Date
04/30/24 (82 days)
Expiration Date
05/14/24 (96 days)

Seasonal Chart

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

Commitment of Traders Positions as of Jan 30, 2024

View Chart Details
Commercials - Long / Short
149,787 (-503)
105,947 (+4,986)
Non-Commercials - Long / Short
118,028 (+8,438)
154,483 (+2,111)
Producers - Long / Short
57,885 (-6,342)
82,923 (+3,227)
Swap Dealers - Long / Short
73,657 (+5,440)
4,779 (+1,360)
Managed Money - Long / Short
72,371 (+3,905)
140,060 (+1,249)
Other Reportables - Long / Short
45,657 (+4,533)
14,423 (+862)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
585-2 +1.41%
on 01/18/24
627-2 -5.38%
on 01/11/24
-29-0 (-4.66%)
since 01/09/24
3-Month
572-4 +3.67%
on 11/27/23
660-4 -10.14%
on 12/06/23
-28-4 (-4.58%)
since 11/09/23
52-Week
572-4 +3.67%
on 11/27/23
835-4 -28.96%
on 02/14/23
-210-2 (-26.16%)
since 02/09/23

More Wheat Quotes

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Most Recent Stories

More News
Beans and Soybean Oil Closed Stronger on Report Day

Soy futures were mixed on USDA’s report day, with a Soy oil rally. The triple digit gains of as much as 2.5% helped soybeans stay in the black as well. Front month soybean futures were 1 ¾ to 4 ½ cents...

ZLH24 : 47.95 (+0.02%)
ZMH24 : 345.7 (-0.40%)
ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSK24 : 1198-6 (-0.08%)
ZSN24 : 1208-4 (unch)
Red Close for Corn after Report Day

Corn prices sold off at 9AM into the report, but (after an initial spike lower) had recovered back to positive territory. An afternoon fade into the close left the board a penny to 1 ½ cents lower across...

ZCH24 : 431-6 (-0.35%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCK24 : 443-6 (-0.28%)
ZCN24 : 452-6 (-0.28%)
Wheat Futures Fall 2% on Thursday

Front month wheat futures ended the day with double digit losses of over 2% across all three domestic classes. Chicago was 13 to 14 cents lower and are now sub-$6 through Sep. KC futures ended the day...

ZWH24 : 588-6 (unch)
ZWK24 : 593-4 (unch)
KEH24 : 599-6 (-0.21%)
MWH24 : 681-6 (-0.29%)
Grain Markets Digest Today's USDA Report

With the USDA report behind us, what's next for the markets?

Wheat Futures Down 2% on Thursday

The midday wheat market quotes are 1.5% to 2.2% in the red across the U.S. futures. Chicago prices are 9 ½ to 11 cents lower on the looser U.S. carryout forecast. KC HRW futures are currently working...

ZWH24 : 588-6 (unch)
ZWK24 : 593-4 (unch)
KEH24 : 599-6 (-0.21%)
MWH24 : 681-6 (-0.29%)
Corn Reacted Bearishly, Rebounded for Midday

Midday corn prices are sitting fractionally to 1 ½ cents in the black. Futures were in the black through the morning, before dropping on the WASDE reaction. Traders added 25.4k new option positions in...

ZCH24 : 431-6 (-0.35%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCK24 : 443-6 (-0.28%)
ZCN24 : 452-6 (-0.28%)
Soy Market Mixed on Report Day

The Soy oil futures are rallying by triple digits through midday, propping up the bean market. Soybeans are fractionally in the black for midday. The report reaction had given most of the early ssessiongains...

ZLH24 : 47.95 (+0.02%)
ZMH24 : 345.7 (-0.40%)
ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSK24 : 1198-6 (-0.08%)
ZSN24 : 1208-4 (unch)
Crop Production

Crop Production - 2024-02-08

ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSBAUS.CM : -0.5321 (-0.15%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSH24 : 3,612s (-0.61%)
XTH24 : 4,784s (+0.19%)
ZCH24 : 431-6 (-0.35%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCBAUS.CM : -0.1955 (-0.72%)
XVK24 : 2,408s (unch)
XEU24 : 65.05 (+0.34%)
WASDE

WASDE - 2024-02-08

ZSH24 : 1192-2 (-0.10%)
ZSPAUS.CM : 11.4028 (+0.39%)
ZSBAUS.CM : -0.5321 (-0.15%)
ZSDAUS-BIW.CM : 4,506,573 (unch)
ZSYAUS-BIW.CM : 52.03 (unch)
XSH24 : 3,612s (-0.61%)
XTH24 : 4,784s (+0.19%)
ZCH24 : 431-6 (-0.35%)
ZCPAUS.CM : 4.1370 (-0.27%)
ZCBAUS.CM : -0.1955 (-0.72%)
XVK24 : 2,408s (unch)
XEU24 : 65.05 (+0.34%)
All Eyes on Today’s USDA Report

Grain markets are quiet in the early morning trade as traders gear up for today’s USDA report.

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 622-5
2nd Resistance Point 615-3
1st Resistance Point 604-5
Last Price 593-4
1st Support Level 586-5
2nd Support Level 579-3
3rd Support Level 568-5

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52-Week High 835-4
Fibonacci 61.8% 735-0
Fibonacci 50% 704-0
Fibonacci 38.2% 673-0
Last Price 593-4
52-Week Low 572-4

See More

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