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 $3.89 1/4, up 6 1/4 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 $4.42 3/4, up 6 1/2 cents for the week. The contract's secondary (intermediate-term) trend remains down, with next support its low of $4.20. However, the contract continues to consolidate between its 4-week low of $4.29 1/2 and 4-week high of $4.57 1/4.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $3.37, up 6 3/4 cents for the week. Despite last week's uptick 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 above the oversold level of 20%.

HRW Wheat (New-crop Futures): The Kansas City July 2017 contract closed at $4.39 1/4, up 5 cents for the week. The contract's secondary (intermediate-term) remains down with next support at the low of $4.23 1/2. However, weekly stochastics have moved below the oversold level of 20%.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $4.89 3/4, up 12 1/4 cents for the week. While the secondary (intermediate-term) trend remains down, weekly stochastics are nearing a bullish crossover below the oversold level of 20%. Support remains between $4.74 and $4.69, prices that mark the 61.8% and 67% retracement levels 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 $5.46 3/4 up 12 1/4 cents for the week. The secondary (intermediate-term) trend turned up last week as the contract posted a bullish outside trading range (traded below the previous week's low, above the previous week's high, closed higher for the week). This could ultimately lead to a retest of resistance near $5.75 1/2, a price that marks the 61.8% retracement level of the previous downtrend from $6.09 3/4 through the low of $5.20.

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