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Hard Red Wheat Jul '23 (KEN23)
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Hard Red Wheat Futures Market News and Commentary

Wheat Futures Faded into the Weekend

The wheat markets ended with some double digit losses on Friday. CBT SRW prices were down 12 to 13 1/2 cents, though July was still at a net 45 cent gain for the week. KC futures closed 11 1/2 to 15 1/4 cents in the red. July HRW prices were still at a 17 cent gain for the week. Spring wheat futures settled 1 1/4 to 5 1/2 cents weaker on the day, with an 11 1/4 cent gain for the July contract for the week.

The weekly CFTC data release showed spec short covering in SRW wheat for the week that ended 6/20. The group closed 31k shorts and held an 84,134 contract net short as of Tuesday’s settle. The report had managed money funds with a 5,944 contract net long on 6/20 after a week of short covering. Minneapolis spec traders were 4,160 contracts less net short to 3,262 contracts. 

USDA reported weekly wheat Export Sales were 123,853 MTs. That includes 14.2k MT sold for 24/25 delivery to Peru and Ecuador. With 3 week’s of reporting the wheat commitments trail last year’s pace... Read more

Contract Specifications

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Contract
KC Hard 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
KCBT
Point Value
$50
Margin/Maintenance
$3,080/2,800
First Notice Date
06/30/23 (7 days)
Expiration Date
07/14/23 (21 days)

Seasonal Chart

Hard Red Wheat Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Jun 20, 2023

View Chart Details
Commercials - Long / Short
81,361 (-5,116)
76,346 (-1,851)
Non-Commercials - Long / Short
37,776 (-2,152)
39,223 (-3,666)
Producers - Long / Short
35,378 (-3,176)
64,338 (-377)
Swap Dealers - Long / Short
40,819 (-441)
6,844 (+25)
Managed Money - Long / Short
32,933 (-455)
26,862 (-3,398)
Other Reportables - Long / Short
4,843 (-1,697)
12,361 (-268)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
763-6 +12.47%
on 05/31/23
891-2 -3.62%
on 06/22/23
+17-4 (+2.08%)
since 05/23/23
3-Month
736-2 +16.67%
on 05/02/23
918-6 -6.50%
on 05/17/23
+52-4 (+6.51%)
since 03/23/23
52-Week
736-2 +16.67%
on 05/02/23
1007-0 -14.70%
on 10/10/22
-124-4 (-12.66%)
since 06/23/22

More Hard Red Wheat Quotes

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Most Recent Stories

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ZCZ23 : 588-0s (-5.28%)
CORN : 25.49 (-4.92%)
ZSX23 : 1310-0s (-2.20%)
SOYB : 27.06 (-2.26%)
ZWU23 : 746-4s (-0.83%)
WEAT : 7.23 (-1.36%)
TAGS : 32.71 (-2.48%)
DBA : 21.53 (-1.91%)
Wheat Futures Faded into the Weekend

The wheat markets ended with some double digit losses on Friday. CBT SRW prices were down 12 to 13 1/2 cents, though July was still at a net 45 cent gain for the week. KC futures closed 11 1/2 to 15 1/4...

ZWN23 : 733-2s (-0.78%)
ZWU23 : 746-4s (-0.83%)
ZWPAES.CM : 6.8691 (-0.85%)
KEN23 : 859-0s (-1.38%)
KEPAWS.CM : 8.1618 (-1.46%)
MWN23 : 864-6s (-1.73%)
Red Finish for Volatile Soy Week

Soybeans ended the last trade day of the week with 9 1/4 to 33 1/4 cent losses. For July that minimized the week’s net gain to 28 cents, but for Nov futures it flipped the board a net 32 cents below...

ZSN23 : 1494-4s (-0.40%)
ZSPAUS.CM : 14.2565 (-1.00%)
ZSQ23 : 1404-0s (-1.00%)
ZSU23 : 1321-4s (-1.95%)
Corn Posts Net Loss for Week

Despite the strength to start the week, the Thursday and Friday selloff flipped the board to a net loss for the week. Futures were down another 4% to 4.9% on Friday, leaving both July and Dec 9 1/2 cents...

ZCN23 : 630-6s (-4.50%)
ZCPAUS.CM : 6.2593 (-5.06%)
ZCU23 : 584-6s (-5.23%)
ZCZ23 : 588-0s (-5.28%)
Grain Spreads: Wheat Plays Follow the Leader

Short Covering Featured

Shootin' the Bull about bad luck

In my opinion, if it weren't for bad luck, I'd have no luck at all.  My comments last week of a Fed in favor of letting the economy run hot, in an attempt to quell inflation, did not materialize.

Wheat Joining the Drop on Friday

Wheat futures have joined the drop seen in corn and soybean futures late this week, following the relative strength on Thursday. Friday’s midday SRW quotes are down by 12 to 13 1/2 cents. Front month...

ZWN23 : 733-2s (-0.78%)
ZWU23 : 746-4s (-0.83%)
ZWPAES.CM : 6.8691 (-0.85%)
KEN23 : 859-0s (-1.38%)
KEPAWS.CM : 8.1618 (-1.46%)
MWN23 : 864-6s (-1.73%)
Beans Off Their Lows but still Down

July soybean futures have bounced back by 21 cents from their early session low and Nov is trading 16 cents off the low so far, but the market is still 9 to 33 cents weaker for the day. Soymeal futures...

ZSN23 : 1494-4s (-0.40%)
ZSPAUS.CM : 14.2565 (-1.00%)
ZSQ23 : 1404-0s (-1.00%)
ZSU23 : 1321-4s (-1.95%)
Corn Dropping Hard through Midday

The front month futures market is off the lows by 3 to 6 cents but still sharply lower with losses of as much as 30 cents for the day. Slow export sales, profit taking after a strong early week rally,...

ZCN23 : 630-6s (-4.50%)
ZCPAUS.CM : 6.2593 (-5.06%)
ZCU23 : 584-6s (-5.23%)
ZCZ23 : 588-0s (-5.28%)
What Will the Average Yield of the 2023 US Corn Crop Be?

The monthly game of pin-the-tail-on-the-donkey gets even more heated during a weather market.

ZCU23 : 584-6s (-5.23%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 887-7
2nd Resistance Point 878-5
1st Resistance Point 868-7
Last Price 859-0s
1st Support Level 849-7
2nd Support Level 840-5
3rd Support Level 830-7

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52-Week High 1007-0
Fibonacci 61.8% 903-5
Fibonacci 50% 871-5
Last Price 859-0s
Fibonacci 38.2% 839-5
52-Week Low 736-2

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