Wheat

Thursday’s Recap
Thursday’s Wheat market was mixed with the July contract losing 2’2 to 553’4. Total volume came in at a one month high of 243,215, with the July maturity seeing a heavy 101,075 done. Across all maturities, open interest decreased by 373, or 0.0787%, to end the session with 473,420 outstanding. The July maturity rose by 8.04% (373) to finish at 179,059.

Technicals
Wheat futures are higher this morning, thanks in part to strength in corn and beans. Prices are approaching resistance from 551 1/2-555. A move out above here could tack on another 15-20 cents in relatively short order. If you’re looking to play the upside in wheat, be sure to manage the risk ranges. Options may be a good vehicle to give you the upside exposure with limited risk. If you’d like to discuss a strategy, feel free to call our trade desk at 312-278-0500. We don’t publish blanket trade recommendations because everyone has a different risk-profile. What is suitable for you may not be suitable for someone else.

Technical Levels of Importance
Resistance: 551 1/2-555***, 569-570 1/4***, 575 3/4-577 1/2****
Pivot: 530-537
Support: 515-520*

Popular Options
Option volumes were highest for the July 600 call (1,852) and the May 520 put (2,017). Option open interest is highest for the July 900 calls at 11,433, and the July 550 puts at 9,067.

Volatility Update
Wheat implied volatility finished down as WVL decreased 0.91 to close at 30.01, a one week low. The 30-day historical volatility ended the day losing 0.17% to a one month low of 20.02%. The WVL Skew settled moderately higher, gaining 0.16 to finish the day at 4.34.

Seasonal Tendencies Update
(Updated on 4.7.25)

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

Want to Read the full article with charts here: https://bluelinefutures.com/2025/04/11/grains-have-responded-positively-following-thursdays-wasde-report-with-corn-soybeans-and-wheat-trading-to-the-highest-levels-in-weeks/

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Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

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