Tech Guy Wheat Perspective - 6/22/26

The continuation daily soft wheat chart will roll to the September contract this week. This is the process wherein the majority of the fund money flattens their July contracts, then enters the September, either long or short. The September contract is trading about a dime higher than July.

The market has so far backfilled 62.5 percent of the entire rally which began last January. The 62% Fibonacci correction is frequently an area on the chart that attracts buying after a down correction. You can see the big down spike day that touched a trendline then reversed up, where the buyers took over. Additionally, the wheat seasonal chart turns higher in about a week. Although higher prices is the probability verses new lows, it is way to early to know if the chart will successfully print new highs above the 688.25 May swing high.