Technically Speaking

SRW Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.02 1/4, up 5 1/4 cents for the week. The SR.X looks to still be in a secondary (intermediate-term) sideways trend on its weekly close only chart. Support remains near $3.66 3/4 with resistance at the previous high weekly close of $4.12 1/4.

SRW Wheat (New-crop Futures): The Chicago July 2017 contract closed at $4.38 1/4, up 3 cents for the week. The contract still looks to be in a secondary (intermediate-term) sideways trend between roughly $4.73 3/4 and $4.16. The former is the 33% retracement level of the previous secondary downtrend with the latter the low of that previous trend. Weekly stochastics remain neutral near the oversold level of 20%, suggesting a possible move to the high end of the range.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $3.59 up 1 1/2 cents for the week. The cash HRW market still looks to be in a secondary (intermediate-term) downtrend with the recent minor (short-term) uptrend leading to a test of resistance on the weekly close only chart at $3.3.61 1/4. Support remains at $3.18 1/4.

HRW Wheat (New-crop Futures): The Kansas City July 2017 contract closed at $4.37 1/2, down 1/2 cent for the week. Despite a third consecutive lower weekly close the secondary (intermediate-term) trend remains up. Initial resistance remains near $4.48 3/4, then near $4.64.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $5.28 3/4, up 13 1/2 cents for the week. The market remains in a secondary (intermediate-term) uptrend, closing above resistance near $5.22 3/4. This price marks the 76.4% retracement level of the previous downtrend from $5.36 3/4 through the low of $4.77 1/2. Weekly stochastics remain bullish, putting next resistance at the previous high.

HRS Wheat (New-crop Futures): The Minneapolis September 2017 contract closed at $5.73 1/4 up 10 3/4 cents for the week. The secondary (intermediate-term) trend remains up based on the contract posting a bullish reversal the week of April 10. Next resistance is at $5.75 1/2, then $5.88 1/2.

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