Tech Guy Soft Wheat chart Update 7/22/26

The daily wheat continuation chart has recently tested the old high/resistance from May in the 688.0 area. Early last Thursday, the traders washed out the long stops by trading about a dime above the 688.0 price, then the sellers came in hard and price dropped over 30 cents initially. Since then, wheat has marked 2 lower highs. The odds heavily favor a down correction from here/a back fill. Sure, the traders could test the 698.25 high, but I think more sellers would reveal themselves. Initial support comes in at 664.0, then lower at about 643.00. Traders will call the current formation a spike and ledge pattern - a spike high with a lower sideways/descending price, and the sellers goal is to push price below the red line at 667.00 to try to induce more selling. Please study the 30 minute wheat chart.

Hard Wheat:

Hard wheat is used for bread and soft wheat is used for pastries. When one chews a small handful of wheat, within a matter of minutes, a wad of gum is left in one's mouth. That is a protein called gluten. Hard wheat has a higher gluten content than soft wheat. That is why cookies and cake have more crumbs than bread.

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