Wheat

Wednesday’s Recap
May Wheat futures finished the day at a contract low of 535’2 Wednesday, losing 8’0 or 1.47%. Overall, 112,445 contracts changed hands, with 57,623 traded in May. Across all maturities, open interest closed the session at a one month high of 467,069, up by 2,180, or 0.47%. May open interest added 892 (0.40%), to 223,699.

Technicals
Wheat futures continued to slide lower yesterday, settling right in our support pocket from 530-537. Additional pressure was seen in the overnight trade with the market coming within 2 cents of the contract lows that were marked at the start of the month. If the Bulls can defend support from 530-537 on a closing basis, relief back towards 544-547 3/4 seems pretty attainable in the short term.

Technical Levels of Importance
Resistance: 551 1/2-555***, 569-570 1/4***, 575 3/4-577 1/2****
Pivot: 544-547 3/4
Support: 530-537***

Popular Options
Option trading centered around the May 580 calls with 6,654 done and the May 520 puts with volume of 3,969. Calls with the greatest open interest are the May 580 strike (12,561), and for the puts are the May 540 strike (6,051).

Volatility Update
As measured by WVL, implied volatility ended the session down, off 0.58 to close at a one week low of 29.75. The 30-day historical volatility closed the session up 0.25% to a one week high of 28.30%. The WVL Skew was lower with the 30-day down 0.4, closing the session at a one week low of 6.25.

Charts and Technical Breakdowns can be found here: https://bluelinefutures.com/2025/03/27/grain-markets-find-their-footing-overnight/

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