Technically Speaking

SRW Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.21, down 7 cents for the week. Cash SRW wheat remains in a secondary (intermediate-term) downtrend on its weekly close-only chart with next support at $4.12 1/2. This price marks the 61.8% retracement level of the previous uptrend from $3.81 1/4 through the recent high of $4.63 1/2. Weekly stochastics remain bearish.

SRW Wheat (New-crop Futures): The Chicago July 2018 contract closed at $4.68 1/2, down 8 cents for the week. The contract remains in a secondary (intermediate-term) downtrend despite last week's rally off a test of support at $4.59 1/2. This price marks the 76.4% retracement level of the previous uptrend from $4.37 through the high of $5.31 3/4.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $4.25 3/4, down 11 1/2 cents for the week. Cash HRW remains in a secondary (intermediate-term) downtrend on its weekly close-only chart. Next support is at $4.16 3/4, a price that marks the 50% retracement level of the previous uptrend from $3.47 1/2 through the high near $4.86. The 61.8% retracement level is down at $4.00 1/4.

HRW Wheat (New-crop Futures): The Kansas City July 2018 contract closed at $4.86 1/4, down 12 cents for the week. July Kansas City wheat remains in a secondary (intermediate-term) downtrend with next support at $4.69 3/4. This price marks the 76.4% retracement level of the previous uptrend from $4.40 1/4 through the high of $5.65. Weekly stochastics remains bearish.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $5.62 1/2, down 22 1/4 cents for the week. The SW.X is in a secondary (intermediate-term) downtrend, breaking to a new low weekly close last week. Next support is at $5.47 3/4, a price that marks the 61.8% retracement level of the previous uptrend from $4.35 through the high of $7.30 1/4.

HRS Wheat (New-Crop Futures): The Minneapolis September 2018 contract closed at $5.94, down 21 cents for the week. The contract extended its secondary (intermediate-term) downtrend below support near $5.95 1/2 last week. Next support is the contract low of $5.67.

To track my thoughts on the marketthroughout the day, follow me on Twitter:www.twitter.com\Darin Newsom