Technically Speaking

SRW Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $3.94 3/4, down 10 cents for the week. The secondary (intermediate-term) trend remain down with initial support at $3.89 1/2, then $3.78 1/4. These prices mark the 33% and 50% retracement levels of the previous uptrend from $3.44 and the recent high weekly close of $4.12 1/4.

SRW Wheat (New-crop Futures): The Chicago July 2017 contract closed at $4.62, down 6 1/2 cents for the week. The secondary (intermediate-term) trend is now sideways with resistance at the 4-week high of $4.88 3/4, support the 4-week low of $4.41 1/4. However, the minor (short-term) trend is down with next support at $4.54 1/2, then $4.43.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $3.56 1/2, down 9 1/4 cents for the week. The secondary (intermediate-term) trend turned down last week's with the lower close establishing a bearish crossover above the overbought level of 80% by weekly stochastics. Initial support is at $3.42 3/4, a price that marks the 33% retracement level of the previous uptrend from $2.89 3/4 through the high of $3.69 1/4. The 50% retracement level is down at $3.29 1/2.

HRW Wheat (New-crop Futures): The Kansas City July 2017 contract closed at $4.78 1/2, down 4 1/2 cents for the week. The secondary (intermediate-term) trend turned sideways last week with resistance at the 4-week high of $4.98 1/4 and support the 4-week low of $4.48 1/4. However, its minor (short-term) trend is down with initial support near $4.73 1/4, the 33% retracement level of the previous uptrend. The 50% retracement level is down at $4.61.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $4.94 1/4, down 17 3/4 cents for the week. The secondary (intermediate-term) trend remains down, with next support at $4.86. This price marks the 50% retracement level of the previous uptrend from $4.35 through the high of $5.36 3/4. With weekly stochastics still bearish the SW.X could fall to the 67% retracement level of $4.69.

HRS Wheat (New-crop Futures): The Minneapolis September 2017 contract closed at $5.64 3/4 down 3/4 cent for the week. The secondary (intermediate-term) trend has turned sideways with resistance at the 4-week high of $5.78 and support the 4-week low of $5.53. However, its minor (short-term) trend remains down with next support at $5.57 1/4.

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