I don't follow wheat closely because I don't grow it but because it is one of the big three and competes with corn as feed & with soybeans for acres it is of interest.  I have been curious however because wheat seems to be in such a "funk".   Part of the reason maybe simply because Canada, Australia and Argentina have all had better than average crops this past year.  For that matter I seem to remember that even France & England had good crops as well, not sure about Ukraine & Russia.

  But I couldn't help but notice that your continuation chart showed a surprising resemblance (at least in a general way) to corn over the recent past two years.  It may be as simple as long as there is sufficient quality wheat to meet food demand the remaining wheat supply just competes with corn as animal feed.

  If this is true then wheat can't go up until corn does or there is some weather crisis to threaten supply.  Notice however that winter wheat acreage is reported down 2 million acres. The other feature of you chart was the very seasonal pattern to the open interest (or is it the volume?).  Somebody, I presume very large companies or countries get their wheat bought or least priced well before harvest every year. While your chart doesn't cover enough cycles notice that there is a small rally when that buying stops in mid Feb.  I would check more cycles but I would almost bet you could pick a bottom based on the decline in  the purple line.

For what it's worth.