Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.65, down $0.04 for the week. The NCI.X moved back into a sideways trend last week, with support at $3.47 and resistance at $3.84. The midpoint of this range is $3.66.

Corn (Old-crop): The May contract closed 4.50cts lower at $3.86 1/2 last week. The secondary (intermediate-term) trend remains sideways with resistance near $4.01 3/4, a price that marks the 33% retracement level of the secondary downtrend from $5.27 through the low $3.39 1/4. Support remains near $3.68.

Corn (New-crop): The December contract closed 4.25cts lower at $4.10 1/2 last week. The secondary (intermediate-term) trend remains sideways. Resistance is at the high of $4.21 3/4 (week of February 9, 2015) while support is near $3.91 1/2. The latter marks the 67% retracement level of the initial rally from $3.64 1/4 through the high of $4.40.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.43, up 20 cents for the week. The secondary (intermediate-term) trend remains sideways. Initial resistance remains at the recent high of $9.84, then the range high of $10.02. Support is near $9.10. Weekly stochastics have turned bullish again, with the last secondary signal a bullish crossover the week of October 13, 2014.

Soybeans (old-crop): The May contract closed 18.75cts higher at $9.86 last week. While the secondary (intermediate-term) trend remains sideways, May posted a bullish outside week last week indicating continued buying interest could take the contract back to a test of resistance near $10.65 3/4. This price marks the 38.2% retracement level of the previous secondary downtrend from $12.87 1/4 through the low of $9.28 3/4.

Soybeans (new-crop): The November contract closed 25.50cts higher at $9.74 1/4 last week. November soybeans posted a bullish outside week indicating the contract could be rejoining its secondary (intermediate-term) uptrend. After rallying off a test of support at its contract low of $9.27 1/2 ($9.33 low last week) the contract could test initial resistance at the recent high of $10.04 3/4 then near $10.43 3/4. The latter marks the 38.2% retracement level of the previous secondary downtrend from $12.32 through the contract low.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $5.11, up 29 cents for the week. The secondary (intermediate-term) trend looks to have turned up last week as the SR.X moved to a new 4-week high of $5.11. This is also a test of the 33% retracement level of the previous sell-off from $6.23 through the low of $4.55.

SRW Wheat (old-crop): The May Chicago contract closed 28.50cts higher at $5.36 1/4 last week. The secondary (intermediate-term) trend remains sideways with resistance at the recent high of $5.45. However, last week's move to a new 4-week high combined with increasingly bullish stochastics indicate the contract is poised to establish an uptrend.

HRW Wheat (new-crop): The July Kansas City contract closed 28.25cts higher at $5.86 last week. The secondary (intermediate-term) trend has turned up with the contract moving to beyond its previous high of $5.86 ($5.90 1/2 high last week). Next resistance is pegged near $6.21 3/4, a price that marks the 33% retracement level of the previous secondary downtrend from the contract high of $8.20 (week of May 5, 2014) through the contract low of $5.22 3/4 (week of March 2, 2015).

To track my thoughts on the markets throughout the day, follow me on Twitter: www.twitter.com\DarinNewsom