🌾✨ U.S. Wheat Futures (ZW1) — Market Snapshot ✨🌾
📈 Trend: Range Bound
🌍 Wheat futures posted modest gains this week after the U.S. government shutdown ends, but open interest dropped sharply, hinting at reduced conviction.
⚠️ Aggressive Russian exports have intensified price pressure across global wheat markets.
📊 Technical Indicator: 🔁 Fibonacci Retracement
🐄 “Shooting Star” candlestick pattern has emerged — signaling potential short-term bearish sentiment as prices struggle to break higher.
💰 Support: 🟢 530 USD/bu & 516 USD/bu
🎯 Remain cautious: Oversupply and surplus stocks may keep prices under pressure.
💵 Resistance Zone: 🔴 550 USD/bu
📉 Traders watching this area for potential profit-taking or short entries.
📊 Open Interest: 📄 113.92 K contracts
🪙 Indicates active participation and consistent interest in wheat positioning.
🛢️ Future Type: 🌾 U.S. Wheat (ZW1)
📍 Traded on the Chicago Board of Trade (CBOT) — a global benchmark for wheat pricing.
It’s a caution that the information provided is for knowledge purposes only and should not be taken as a recommendation to buy or sell assets.
