Technically Speaking

Weekly Analysis: Wheat Markets

SRW Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $3.82 1/4, down 10 1/2 cents for the week. The secondary (intermediate-term) trend remain down with support at $3.78 1/4 (weekly close only). This price marks the 50% retracement level of the previous uptrend from $3.44 and the recent high weekly close of $4.12 1/4. The 67% retracement level is down at $3.66 3/4.

SRW Wheat (New-crop Futures): The Chicago July 2017 contract closed at $4.39 1/2, down 12 cents for the week. The contract's secondary (intermediate-term) trend is down as the July Chicago posted a bearish outside range last week. The contract has already fallen below numerous support levels, putting the next target at its previous low of $4.20.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $3.36 3/4, down 24 1/4 cents for the week. The secondary (intermediate-term) downtrend continues to strengthen with next support pegged near $3.32 1/2. This price marks the 50% retracement level of the previous uptrend from $2.89 3/4 through the high of $3.75 (weekly close only). Given weekly stochastics remain bearish the HW.X could test the 67% retracement level near $3.18 1/4.

HRW Wheat (New-crop Futures): The Kansas City July 2017 contract closed at $4.41, down 24 1/4 cents for the week. The contract's secondary (intermediate-term) downtrend continues to strengthen, with July KC posting a bearish outside range last week. Next support is at its previous low of $4.23 1/2.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $4.94 3/4, down 12 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.

HRS Wheat (New-crop Futures): The Minneapolis September 2017 contract closed at $5.48 3/4 down 11 1/2 cents for the week. The secondary (intermediate-term) trend remains down with the contract below support at $5.49, a price that marks the 50% retracement level of the previous uptrend from $5.20 through the recent high of $5.78. The 67% retracement level is down at $5.39 1/4.

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