Wheat

Wednesday’s Recap
Wheat futures were mostly higher Wednesday with the July contract finishing the session at a one week low of 534’2, off 0’2, over a tight trading range. Across all maturities, volume was 158,921, with July seeing 72,453 traded. Overall open interest dropped 5,221 (1.18%) to 436,742. July fell by 17,095, or 9.70%, finishing at 159,198.

Technicals
the 20-day moving average was mentioned in the corn and soybean section and is also relevant to the recent action in wheat (along with many other commodities). That coupled with previously important price points has created our pivot pocket from 536-541. The Bulls need to see consecutive closes above this pocket to start repairing the damage that was done in the first two day’s of the week. Our bias right now is mostly neutral. If you are playing it from the long side, we see first risk down to 521 3/4-527 1/2. Below that and selling could accelerate.

Technical Levels of Importance
Resistance: 552-556 1/4** 569 1/4-571***
Pivot: 536-541
Support: 521 3/4-527 1/2***, 498-501 1/4***

Popular Options
The Sep 550 put saw the most traded with 1,599 contracts done. Calls with the most open interest are the July 600 strike (13,007), and for the puts are the July 550 strike (9,394).

Volatility Update

As measured by WVL, implied volatility closed moderately lower, off by 1.0 to finish the session at a one month low of 26.38. Dropping 0.18%, historical volatility (as measured by the 30-day) closed the day at 22.66%. The WVL Skew ended the session slightly down, lower by 0.055 to close at 6.14, a one week low.

Seasonal Tendencies Update
(Updated on 6.9.25)

Below is a look at historical price averages for December wheat futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).

Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 600 futures/options. The second straight week of net buying from Funds.

Want to read the full article with Charts? Check it out here: https://bluelinefutures.com/2025/06/12/the-technical-landscape-shifts-ahead-of-wasde-report/

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