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 $3.97 1/4, down 5 cents for the week. The SR.X remains in a secondary (intermediate-term) sideways trend on its weekly close only chart. Support is near $3.66 3/4 with resistance at the previous high weekly close of $4.12 1/4.

SRW Wheat (New-crop Futures): The Chicago July 2017 contract closed at $4.29 1/2, down 8 3/4 cents for the week. The contract still looks to be in a secondary (intermediate-term) sideways trend between roughly $4.73 3/4 and $4.16. The former is the 33% retracement level of the previous secondary downtrend with the latter the low of that previous trend. Weekly stochastics remain neutral near the oversold level of 20%, suggesting a possible move to the high end of the range.

HRW Wheat (Cash): The DTN National HRW Wheat Index (HW.X, national average cash price) closed at $3.57 1/4 down 1 3/4 cents for the week. The cash HRW market still looks to be in a secondary (intermediate-term) downtrend with the recent minor (short-term) uptrend leading to a test of resistance on the weekly close only chart at $3.3.61 1/4. Support remains near $3.18 1/4.

HRW Wheat (New-crop Futures): The Kansas City July 2017 contract closed at $4.33 1/4, down 4 1/4 cents for the week. The secondary (intermediate-term) trend of July KC futures could best be classified as sideways at this time. Resistance remains at $4.48 3/4, the $4.64 while support is at the contract low of $4.11 1/4. Weekly stochastics are neutral above the oversold level of 20%.

HRS Wheat (Cash): The DTN HRS Wheat Index (SW.X, national average cash price) closed at $5.42 1/4, up 13 1/2 cents for the week. The market remains in a secondary (intermediate-term) uptrend, closing above resistance at its previous high weekly close of $5.36 3/4. Weekly stochastics remain bullish, though near to above the overbought level of 80%.

HRS Wheat (New-crop Futures): The Minneapolis September 2017 contract closed at $5.87, up 13 3/4 cents for the week. The secondary (intermediate-term) trend remains up based on the contract posting a bullish reversal the week of April 10. The contract is testing resistance at $5.88 1/2, a price that marks the 76.4% retracement level of the previous downtrend from $6.09 3/4 through the low of $5.20. Weekly stochastics are below, but nearing, the overbought level of 80%.

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