Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.86, down 14 cents for the week. The secondary (intermediate-term) trend looks to have turned sideways after the NCI.X posted a possible bearish reversal last week. Its early high of $4.06 was a test of resistance at $4.08, the 61.8% retracement level of the previous downtrend from $4.86 through the low of $2.81. Minor (short-term) support is pegged between $3.80 and $3.68, prices that mark the 33% and 50% retracement levels of the previous rally from $3.29 through last week's high.

Corn (Old-crop): The September contract closed 14.50cts lower at $4.20 1/4. Despite last week's lower close the secondary (intermediate-term) trend remains up. However, the contract could look to pull back to support between $4.13 and $3.97 3/4 over the next couple of weeks. These prices mark the 33% and 50% retracement levels of the rally from $3.52 through last week's high of $4.43 1/4. Weekly stochastics are still bullish.

Corn (New-crop): The December contract closed 13.75cts lower at $4.31 1/4. Despite the lower close the secondary (intermediate-term) trend remains up. However, the next couple weeks could see Dec corn test support between $4.23 3/4 and $4.08 1/2, prices that mark the 33% and 50% retracement levels of the previous rally from $3.62 1/2 through last week's high of $4.54 1/4.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.74, down 18 cents for the week. A bearish crossover by weekly stochastics below the overbought level of 80% indicates the secondary (intermediate-term) trend has turned sideways again. Major (long-term) resistance is at the June 2015 high of $10.12, a price that took out the November 2014 high of $10.08 indicating the major uptrend had moved into Wave 3 of a 5-Wave cycle.

Soybeans (old-crop): The August contract closed 17.25cts lower at $10.14 1/4 last week. Despite the lower close the contract remains in a secondary (intermediate-term) uptrend. However, its sell-off has resulted in a quick test of support near $10.06 1/4, a price that marks the 33% retracement level of the previous rally from $9.09 1/4 through the recent high of $10.54 3/4. Last week's low was $10.07 1/2. The 50% retracement level is down at $9.82.

Soybeans (new-crop): The November contract closed 15.50cts lower at $10.06 3/4 last week. Despite the lower weekly close the secondary (intermediate-term) trend remains up. Both trade volume and open interest declined last week during the sell-off, indicating most of the pressure came from a round of long-liquidation. The November to January futures spread continues to reflect a neutral-to-bullish commercial outlook meaning the November contract should be able to eventually extend this uptrend to a test of $10.64, the 50% retracement level of its previous downtrend from $12.32 through the low of $8.95 3/4.

Wheat (SRW Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.98, down 28 cents for the week. While the secondary (intermediate-term) trend remains up, the SR.X continues to fall back from the recent test of resistance near $5.61 1/2. This price marks the 67% retracement level of the previous downtrend from $6.23 through the low of $4.38. Next support is pegged near $4.85, the 67% retracement level of the rally from the $4.38 low through the recent spike high of $5.80.

Wheat (HRW Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $5.02, down 25 cents for the week. Despite another lower close last week the secondary (intermediate-term) trend remains up. The close of the HW.X was a test of support at $5.06, a price that marks the 50% retracement level of the rally from $4.49 through the recent high of $5.63. Next support is at the 67% retracement level at $4.87.

Wheat (HRS Cash): The DTN National HRS Wheat Index (SW.X, national average cash price) closed at $5.23, down 38 cents for the week. The secondary (intermediate-term) trend remains sideways between a wide range from the low of $5.01 and recent high of $6.05. Given the recent bearish crossover by weekly stochastics, well below the overbought level of 80%, the SW.X could look to test its previous $5.01 low.

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