Technically Speaking

SRW Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.10 3/4, up 18 3/4 cents for the week. Cash SRW wheat remains in a secondary (intermediate-term) uptrend on its weekly close-only chart. Next resistance is at $4.18 1/4, a price that marks the 38.2% retracement level of the previous downtrend from $5.02 1/4 through the low of $3.44. Weekly stochastics remain bullish below the overbought level of 80%.

SRW Wheat (New-crop Futures): The Chicago July 2018 contract closed at $4.66 1/2, up 17 3/4 cents for the week. July Chicago wheat remains in a secondary (intermediate-term) uptrend with initial resistance at the $4.77 3/4. This marks the 23.6% retracement level of the previous downtrend from $6.09 1/2 through the contract low of $4.37.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $4.02 1/2, up 18 1/4 cents for the week. Cash HRW wheat remains in a secondary (intermediate-term) uptrend on its weekly close-only chart. Next resistance is at $4.06 1/2, a price that marks the 50% retracement level of the previous secondary downtrend from $4.73 3/4 through the low of $3.39 1/4. The 61.8% retracement level is up at $4.22 1/4. However, weekly stochastics nave climbed above the overbought level of 80% indicating the uptrend could be nearing its end.

HRW Wheat (New-crop Futures): The Kansas City July 2018 contract closed at $4.74 1/2, up 16 1/2 cents for the week. July Kansas City wheat remains in a secondary (intermediate-term) uptrend, moving above the previous 4-week high of $4.70 3/4 last week. This confirms Wave 3 of a 5-wave uptrend with next resistance at $4.83 1/2, a price that marks the 23.6% retracement level of the previous downtrend from $6.23 through the recent contract low of $4.40 1/4. The 38.2% retracement level is up at $5.10.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $5.97, up 7 1/2 cents for the week. The SW.X is in a secondary (intermediate-term) sideways trend. Initial resistance is at the recent high weekly close of $6.05 1/4 (week of January 2) with support the previous low weekly close of $5.82 1/4 (week of December 4).

HRS Wheat (New-Crop Futures): The Minneapolis September 2018 contract closed at $6.26 1/2, up 4 3/4 cents for the week. New-crop Minneapolis spring wheat continues to consolidate within in a secondary (intermediate-term) downtrend. The September contract remains above support at $6.13 1/2 with weekly stochastics sitting near the oversold level of 20%.

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