$WHEAT (spot wheat as well as the trading proxies for this trade; WEAT; wheat ETN & /ZW; wheat futures) has hit my first price target (T1) the long-term 30-year weekly chart of $WHEAT for a ~50% gain. Closing the trade here with the intent of re-entering as a new long trade, ideally on a pullback. Previous & updated weekly charts from 2026 below:
$WHEAT weekly Jan 29th
$WHEAT weekly April 10th
$WHEAT weekly Aug 28th
Daily chart of WEAT (wheat ETF) below for reference, although keep in mind that as an ETF which seeks to reflect daily percentage changes in a weighted basket of three CBOT wheat futures contracts across delivery months. That means its returns can differ substantially from the cash/spot price of wheat because of futures-curve effects—especially contango or backwardation—and rolling futures contracts. Hence, my personal preference is to use /ZW, wheat futures, with the accounts that I have access to futures contracts. (Not to mention the huge tax advantages of using futures contracts vs. ETFs or stocks when swing trading in taxable accounts).
WEAT daily Aug 28th
Zooming down to the 60-minute chart of /ZW (wheat futures), as this chart illustrates, /ZW trades very well off the bearish & bullish rising & falling wedge patterns & divergent highs/lows on this time frame, with the next sell signal to come on a solid break below this 60-minute rising wedge pattern although /ZW or WEAT also offers an objective short entry or starter position here with $WHEAT at long-term resistance & first price target on my weekly chart.
ZW 60m Aug 28th
To reiterate, I remain longer-term bullish on wheat along with the other grains. I have also highlighted in previous videos how it isn’t unusual to see wheat burn through negative divergences & overbought conditions, like mere speed bumps on the near-vertical path it is ultimately headed to, once the turbo-boosters kick in. As such, one will have to decide whether they want to book partial or full profits here or simply raise stops & let the position ride, if holding out for any or all of the additional long-term targets on wheat.
For tracking purposes, this trade will now be considered closed out for a roughly 50% profit (again, depending on one’s average entry price, as multiple objective entries have been highlighted as wheat was bottoming/basing over the past year or so). /ZW- WEAT-$WHEAT will now be moved to the Completed Trades archives while on watch for the next objective entry. It is also an unofficial short trade idea, based on the criteria (two objective entry points) in the 60-minute chart of /ZW above, although a short on wheat should be considered a very aggressive, counter-trend trade.