This report is provided by MacroTerms.com
Data as of: 2026-11-06 · Settlement: Exchange final daily settlement
Wheat (ZW=F) Deep Dive | Bearish — Momentum Breakdown Targets 575.58 | 2026-11-08
Bearish ZW=F (December 2026 CBOT wheat). The market is in a confirmed downtrend across every measured timeframe, and the weight of evidence argues for staying short or adding shorts on strength rather than fading the decline. Settle 591.25 [settle 2026-11-06] is down -1.34% on the day, -2.03% over five sessions, and -11.89% over twenty sessions, with price sitting at only 6.5% of its 20-day range — a deeply negative momentum signature. Three reasons support the call: first, price has closed lower in five consecutive settled sessions and is now trading below both the prior 20-day low of 591 and the classic pivot support at 594.67, leaving no intact intermediate floor until the next-session S2 at 575.58; second, realized volatility of 14.2% against an ATR14 of 13.93 (2.36% of price) shows the decline is orderly rather than climactic, meaning trend-following rather than mean-reversion is the correct framework; third, the term structure is in contango at -1.91% for M1-M2 with a roll yield of -7.63%, a structural penalty to holders that reinforces the short side. Invalidation requires a daily settle above the next-session pivot resistance at 600.67, which would mark the first higher close since the sequence of lower settlements began. Seasonality is mixed and provides no offset. The trading plan is a break below 583.42 (next-session S1) targeting 575.58 (S2), with the 585 intraday low of 11-06 already offering a preview of that path.
This brief is published in Chinese. The English translation is being prepared.
Today's Risk Map
Macro · Micro · Cross-assetVIP members unlock thresholds & transmission chains. Upgrade
Full brief is for VIP members
The body, key levels, charts and PDF are for active VIP members.
Single-name briefs Deep dive
Previous briefs
⟠ This month's strategy backtest
Daily AI brief ideas settled day-by-day with objective stop/target matching
No settled signals yet - sample building up.
* Backtest settles each daily trade idea: stop/target whichever first, flat at close when window ends. Past performance does not predict future results.