Technically Speaking

Weekly Analysis: Wheat Markets

Source: DTN ProphetX

SRW Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $3.83, down 2 cents for the week. The secondary (intermediate-term) trend remains 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 $4.36 1/4, down 2 3/4 cents for the week. The contract's secondary (intermediate-term) trend remains down, with next support its low of $4.20. However, its minor (short-term) trend has turned up with initial resistance pegged at $4.49, then $4.59 1/4. These prices mark the 33% and 50% retracement levels of the previous downtrend from $4.88 3/4 through last Friday's low of $4.29 1/2.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $3.30 1/4, down 1/4 cent for the week. The market remains in a secondary (intermediate-term) downtrend with next support near $3.18 1/4. This price marks the 67% retracement level of the previous uptrend from $2.89 3/4 through the high of $3.75 (weekly close only). Weekly stochastics remain bearish well above the oversold level of 20%.

HRW Wheat (New-crop Futures): The Kansas City July 2017 contract closed at $4.34 1/4, up 1/2 cent for the week. The contract's secondary (intermediate-term) remains down with next support at the low of $4.23 1/2. Weekly stochastics remain bearish above the oversold level of 20%.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $4.77 1/2, down 16 1/2 cents for the week. The secondary (intermediate-term) trend remains down with next support between $4.74 and $4.69. These prices mark the 61.8% and 67% retracement levels of the previous uptrend from $4.35 through the high of $5.36 3/4. However, weekly stochastics have moved below the oversold level of 20%, possibly limiting an extended sell-off.

HRS Wheat (New-crop Futures): The Minneapolis September 2017 contract closed at $5.34 1/2 down 14 1/2 cents for the week. The secondary (intermediate-term) trend remains down with the contract testing support at $5.33 3/4. This price marks the 76.4% retracement level of the previous uptrend from $5.20 through the recent high of $5.78.

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