A Volatile Star to the Week Amidst Tariff Headlines
Technicals
March wheat futures saw a volatile day on Friday as traders positioned ahead of a weekend that could bring some headline risk, that risk was released which led to a gap lower. However, the market has managed to find some support in our pivot pocket from 548 1/2-554 3/4. This will continue to be monitored closely. If the Bulls can defend this through this week, that would bode well for the technical landscape.
Technical Levels of Importance
Resistance: 564 3/4-569**, 574 1/2-577 1/2***
Pivot: 548 1/2-554 3/4
Support: 540-542, 520 3/4-529 1/4***
Seasonal Tendencies Update
(Updated on 2.3.25)
Below is a look at historical price averages for May 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
Managed Money increased their net short position to 110,782 futures and options contracts, the largest net short since November of 2023.
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