ZW Chicago SRW Wheat Futures Weekly Chart Analysis: 2026-May-04 07:10 CT

Price Action

Last: 635.25,
Bars: Large,
Mom: fast.

WSFG Weekly

Short-Term
WSFG Current: -3%
F0%/NTZ' Bias: Price Below,
WSFG Trend: Down.

MSFG Month May

Intermediate-Term
MSFG Current: -9%
F0%/NTZ' Bias: Price Below,
MSFG Trend: Down.

YSFG Year 2026

Long-Term
YSFG Current: 44%
F0%/NTZ' Bias: Price Above,
YSFG Trend: Up.

Swing Pivots

(Short-Term) 1. Pvt. Trend: UTrend,
(Intermediate-Term) 2. HiLo Trend: UTrend,
3. Pvt. Evolve: Pvt High 671.50,
4. Pvt. Next: Pvt Low 599.00,
5. Levels R: 1574.75, 1211.25, 986.50, 866.25, 723.25,
6. Levels S: 575.75, 509.50.

Weekly Benchmarks

(Short-Term) 5 Day: 608.00 Up Trend,
(Short-Term) 10 Day: 610.25 Up Trend,
(Intermediate-Term) 20 Day: 574.00 Up Trend,
(Intermediate-Term) 55 Day: 587.50 Up Trend,
(Long-Term) 100 Day: 612.25 Up Trend,
(Long-Term) 200 Day: 752.00 Down Trend.

Recent Trade Signals

04 May 2026: Short ZW 07-26 @ 632.5 Signals.USAR-WSFG
04 May 2026: Short ZW 07-26 @ 632.5 Signals.USAR-MSFG
30 Apr 2026: Short ZW 07-26 @ 646.25 Signals.USAR.TR120

Overall Rating

Short-Term: Bearish,
Intermediate-Term: Bearish,
Long-Term: Bullish.

Key Insights Summary

Wheat is still trading inside a broad multi-year downtrend, but the weekly structure has stabilized into a lower-range rebound above the 2026 YSFG midpoint, which keeps the long-term cycle constructive. Short and monthly session grids remain below F0%, matching the recent bearish signals and the weaker weekly bias, while the swing pivot structure shows the next pivot sequence still leaning to a lower pivot near 599. Price is sitting above the 5, 10, 20, 55, and 100-day benchmarks, showing a firm recovery from the recent selloff, but it remains well below the 200-day and the larger descending resistance bands. The current tape looks like a sharp counter-trend bounce within a larger down-cycle, with recent higher lows and a push back toward the 640-650 area after the late-April downswing.