Important Notes
Grain markets are closed on Thursday in observance of Juneteenth. They will reopen at 7pm CT Thursday evening.
July options expire on Friday. If you’re in July grain futures, you may want to consider exiting or rolling positions prior to the weekend.

Wheat

Tuesday’s Recap
Wheat futures were sharply higher Tuesday with the Sep contract finishing the session at a one week high of 565’4, adding 13’2, or 2.40%. Overall volume was a heavy 174,196, with Sep seeing 66,629 done. Total open interest increased 2,783, or 0.67%, with Sep up by 12,783 (7.60%) to 181,020.

Technicals
July wheat futures posted a stealthy rally yesterday, taking out and closing above the highs from the prior two sessions. The market has continued to firm modestly overnight with prices knocking on the door of our resistance pocket from 552-556 1/4. If the Bulls can chew through this pocket, we could see technical short covering lift prices 20-25 cents higher in relatively short order. As mentioned in the corn and soybean section, the shot clock is on for July futures. So, if you’re looking at establishing a position you’ll want to look at September or December.

Technical Levels of Importance
Resistance: 552-556 1/4** 569 1/4-571***
Pivot: 536-541
Support: 521 3/4-527 1/2***, 498-501 1/4***

Popular Options
The July 530 put saw the most changing hands with 2,347 contracts done. Option open interest is largest for the July 600 calls at 12,422, and the July 550 puts at 9,318.

Volatility Update

Wheat implied volatility ended the session unchanged (WVL) to finish the day at 29.14, a one week high. Historical volatility (30-day) finished at 28.82%, higher by 0.69%, to a one month high. The WVL Skew closed the day even, unchanged for the session 0.0 to finish at 8.46, a one week high.

Seasonal Tendencies Update
(Updated on 6.16.25)

Below is a look at historical price averages for December 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
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 6.5k futures/options.

Check out the Charts to this Article Here: https://bluelinefutures.com/2025/06/18/grains-quiet-in-the-early-morning-trade/

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