Futures wheat markets test critical levels — ASAP Agri

The wheat market is at a critical juncture, with key resistance levels under scrutiny on the futures markets and a cautiously optimistic sentiment in the physical market, Olivier Bouillet, the Head of Analytics & Insights at ASAP Agri, told Latifundist.com.

In Ukraine, the wheat market has stabilized, mirroring the steadiness observed in futures markets. However, most market participants are eyeing the second half of the marketing campaign with hopes of a rebound. This optimism is fueled by expectations of tighter Black Sea wheat availability, which could support prices.

Olivier Bouillet

Head of Analytics & Insights at

 ASAP Agri

"On the futures side, the CBOT Mar wheat contract is testing key resistance at 5.50 USD/bu, hovering near contract lows. A successful breach of this level would provide a bullish signal, potentially revitalizing the market. Across the Atlantic, the Euronext Mar wheat is also attempting to rebound, finding critical support at 220 EUR/MT."

These two benchmarks — CBOT and Euronext —are the market’s key drivers to watch in the near term. A decisive move on either front could set the tone for global wheat prices, with ripple effects felt across physical and futures markets. For now, all eyes are on whether these tests of strength can provide the momentum needed to propel wheat prices out of their current stagnation.