Chart of the Week: CBOT Wheat FuturesChicago SRW Wheat FuturesCBOT_DL:ZW1!The_STAWheat has been one of the standout movers of 2026, trending sharply higher for most of the year — and the past six weeks have brought a marked acceleration to the upside. Notably, this week's high landed almost exactly on one of our Fibonacci extensions at 792/bushel — the 1.618 extension of the move from the January low to the early March peak, projected from the mid-April low. Some consolidation around this resistance wouldn't surprise us, but on any pullback we'd expect support to hold well ahead of the July peak at 711 and the May peak at 688. Zooming out, the picture stays constructive. On the longer-term chart, wheat remains inside a broad uptrend that has been intact since 2001, and price appears to have carved out a cyclical base at the end of October 2025. That keeps scope open for higher levels over time. Taking a Fibonacci retracement of the entire decline from the 2023 high, the next resistance sits at 825 (38.2%), with our medium-term upside objective at the 50% retracement, 928. This is for educational and informational purposes only and does not constitute investment or trading advice. Always do your own research and consider your own risk tolerance before making any trading or investment decisions.