Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.61, up 4 cents for the week. The trend of the market remains sideways with the last secondary (intermediate-term) signal by weekly stochastics a bearish crossover above the oversold level of 80% level the week of December 29, 2014. Support remains at $3.47, the 33% retracement level of the previous secondary uptrend from $2.81 through the December 2014 high of $3.80. Resistance is near $3.84.

Corn (Old-crop): The July contract closed 2.00cts higher at $3.86.3/4 last week. The secondary (intermediate-term) trend remains down with support near $3.68. This price marks the 67% retracement level of the previous secondary uptrend from $3.39 1/4 through the high of $4.25 1/4. Weekly stochastics remain bearish above the oversold level of 20%, needing an additional sell-off in the futures market to set up a possible bullish crossover.

Corn (New-crop): The December contract closed 0.75cts higher at $4.03 1/4 last week. The secondary (intermediate-term) trend remains sideways to down with next support near $3.91 1/2. This price marks the 67% retracement level of the previous uptrend from $3.64 1/4 through the high of $4.40.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.27, up 18 cents for the week. The secondary (intermediate-term) trend remains sideways with support near $9.12. Resistance is up at the recent highs near $10.02.

Soybeans (old-crop): The July contract closed 15.50cts higher at $9.71 1/2 last week. The secondary (intermediate-term) trend remains sideways-to-down with support at the contract low of $9.35 1/4. Weekly stochastics are neutral below the oversold level of 20%, indicating the next move could be bullish.

Soybeans (new-crop): The November contract closed 10.25cts higher at $9.52 3/4 last week. November soybeans stayed within its previous week's range while stochastics moved closer to an oversold situation. The secondary (intermediate-term) trend remains sideways with support at the contract low of $9.27 1/2.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.70, down 31 cents for the week. Last week's sharp sell-off turned the secondary (intermediate-term) trend sideways again. Support is at the recent low of $4.55 while resistance remains near $5.11, a price that marks the 33% retracement level of the previous downtrend from $6.23 through the low of $4.55.

SRW Wheat (old-crop): The May Chicago contract closed 32.00cts lower at $4.94 1/2 last week. The sharp sell-off turned the secondary (intermediate-term) trend down. Support is at the contract low of $4.78 1/4 with resistance near $5.44 1/4, a price that marks the 33% retracement level of the previous sell-off from $6.76 3/4 through the contract low.

HRW Wheat (new-crop): The July Kansas City contract closed 47.75cts lower at $5.14 3/4 last week. July Kansas City wheat followed through on the previous week's bearish outside week, confirming its move to a secondary (intermediate-term) downtrend. Major (long-term) support is at $4.53 1/2.

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