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データ基準日: 2026-10-15 · 決済基準: 取引所最終日次決済価格

Wheat (ZW=F) Deep Dive | Bearish: 20D channel breakdown, sell rallies toward S2 658.92 | 2026-10-16

We are bearish on CBOT wheat (ZWZ26.CBT) with invalidation on a daily settle above the 20-day high of 730. The prior session settled at 670 [settle 10-15], down 0.48% on the day, with the 5-day change at -1.94% and the 20-day change at -7.84% [settle 10-15], confirming a sustained downtrend rather than a one-off flush. Price sits at the 12th percentile of the 20-day channel (661.5–730), pinned just above the 20-day low of 661.5 and below the classic pivot P of 670.17, so the market is trading in the lower decile of its recent range with no evidence of accumulation. Realized volatility is compressed at RV20 21.2% against ATR14 of 16.48 (2.46% of price, full daily range), meaning a break of either end of the channel would be a high-impact event relative to recent noise. Seasonality over the next 20 sessions is negative (mean -0.66%, median -1.36%, up only 5 of 15 years), and the curve is in contango with M1-M2 at -13.25 (-1.93%) and a roll yield of -7.72%, so longs pay a roll cost while the trend is down. The last completed weekly bar (2026-10-05 to 2026-10-09) closed at 671, down 1.76% w/w, after a 706.5 high and a 661.5 low — a rejection from the top of the range. We sell strength toward S1 666.08 and S2 658.92, with a stop above R2 681.42 and a hard invalidation on a daily settle above 730.