ZW Chicago SRW Wheat Futures Weekly Chart Analysis: 2026-May-05 07:10 CT

Price Action

• Last: 637.75,
• Bars: Medium,
• Mom: average.

WSFG Weekly

• Short-Term
• WSFG Current: -5%
• F0%/NTZ' Bias: Price Below,
• WSFG Trend: Down.

MSFG Month May

• Intermediate-Term
• MSFG Current: -10%
• F0%/NTZ' Bias: Price Below,
• MSFG Trend: Down.

YSFG Year 2026

• Long-Term
• YSFG Current: 43%
• 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 Down Trend,
• (Short-Term) 10 Day: 610.25 Down 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

• 05 May 2026: Long ZW 07-26 @ 647.75 Signals.USAR.TR120
• 04 May 2026: Short ZW 07-26 @ 632.5 Signals.USAR-WSFG
• 04 May 2026: Short ZW 07-26 @ 632.5 Signals.USAR-MSFG

Overall Rating

• Short-Term: Bearish,
• Intermediate-Term: Bearish,
• Long-Term: Neutral.

Key Insights Summary

Wheat is still trading inside a broader downtrend structure, with the weekly and monthly session fib grids both pointing lower and price holding below their F0%/NTZ reference zones. The swing pivot structure is more constructive than the session grids, with both the short-term pivot trend and the hi/lo trend reading UTrend, showing that the market is trying to build a rebound off the recent 599.00 pivot low. Price is also recovering above the 20, 55, and 100 day benchmarks, which supports a developing countertrend lift, but the 200 day remains above price and keeps the larger backdrop capped. The chart shows a transition phase with rally attempts from the 2026 NTZ low area, followed by a sharp rebound back toward the mid-600s, while overhead resistance remains layered at prior pivot levels and the upper benchmark zone. The current posture is mixed-to-bearish overall, with short and intermediate structure still dominated by the down cycle even as the yearly grid and pivot evolution show early signs of stabilization.