Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.34, down 8 cents for the week. Cash corn looks to have quickly moved back into a sideways trend after testing initial resistance at $3.47. This price marks the 33% retracement level of the previous downtrend from $3.80 through the recent low of $3.31. Support remains at the $3.31 low. Weekly stochastics are now neutral below the oversold level of 20%.

Corn (Old-crop): The September contract closed 7.50cts lower at $3.53. Though the recent 2-week reversal remains in place, September corn looks to have slipped back into a secondary (intermediate-term) sideways trend. Support is at the double-bottom near its contract low of $3.54 1/4 while weekly stochastics are neutral below the oversold level of 20%. If the contract moves to a new contract low it would imply a possible sell-off to near $2.75.

Corn (New-crop): The December contract closed 8.50cts lower at $3.69 1/2. Despite the lower weekly close the previous week's bullish technical signals (bullish reversal, double-bottom with the contract low of $3.64 1/4, bullish crossover by weekly stochastics) remain in effect. However, a move to a new contract low by Dec corn could spark renewed selling by noncommercial traders despite weekly stochastics already indicating an oversold situation. Friday's CFTC Commitments of Traders report showed this group reducing their net-short futures holdings by 38,707 contracts.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.09, up 4 cents for the week. The NSI.X continues to hold near support at $9.02, a price that marks the 67% retracement level of the rally from $8.50 through the high of $10.08. Indications are that the NSI.X remains in a secondary (intermediate-term) uptrend, based on a bullish crossover by weekly stochastics below the oversold level of 20% the week of June 1.

Soybeans (old-crop): The July contract closed 2.25cts higher at $9.40 last week. The secondary (intermediate-term) trend remains up with support coming from strong commercial buying indicated by the uptrend (strengthening inverse) in the July to August futures spread. Friday's CFTC Commitments of Traders report showed noncommercial interests reduced their net-short futures position by 10,748 contracts, providing additional support early in the week. Weekly stochastics remain bullish below the oversold level of 20%.

Soybeans (new-crop): The November contract closed 10.00cts lower at $9.04 1/4 last week. While the previous week's bullish key reversal remains in effect, Nov soybeans failed to generate buying enthusiasm through the end of the last week. This leaves the contract vulnerable to continued selling that could take it to a new contract low, possibly erasing last October's major bullish key reversal with its low of $9.04 on the continuous monthly chart.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.76 1/2, down 15 1/2 cents for the week. Despite the lower weekly close the SR.X remains in an uptrend. However, resistance near $4.99 1/2, a price that marks the 33% retracement level of the previous downtrend from $6.23 through the low of $4.38, continues to hold the weekly close. The SR.X now looks to have a triple-top formation between $5.05 and $5.10.

SRW Wheat: The September Chicago contract closed 11.00cts lower at $5.10 1/2. Despite a lower weekly close the secondary (intermediate-term) trend remains up. September Chicago wheat posted a new 4-week high of $5.44 before selling off late in the week. Weekly stochastics remain bullish. Last Friday's CFTC Commitments of Traders report showed noncommercial interests reducing their net-short futures holdings by 36,481 contracts, with 28,650 contracts of that short-covering.

HRW Wheat: The July Kansas City contract closed 10.25cts lower at $5.35 3/4. Despite its lower weekly close the secondary (intermediate-term) trend remains up. Initial resistance remains at the 4-week high of $5.74 1/2. Friday's CFTC Commitments of Traders report showed noncommercial interests reducing their net-short futures position by 3,335 contracts.

The weekly Commitments of Traders report showed positions held as of Tuesday, June 9.

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