Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.43, down 4 cents for the week. The secondary (intermediate-term) trend is down with the NCI.X closing below its previous low of $3.44 and technical support at $3.47. The latter marks the 33% retracement level of the previous secondary uptrend from $2.81 through the high of $3.80. Given that weekly stochastics remain bearish the NCI.X could look to test support at the 50% retracement level of $3.31.

Corn (Old-crop): The July contract closed 6.75cts lower at $3.60 last week. The secondary (intermediate-term) trend remains down dating back to the bearish reversal from the week of December 29, 2014. Weekly stochastics are bearish, but below the oversold level of 20% as July corn extends its sell-off under technical support near $3.66. This price marks the 76.4% retracement level of the previous uptrend from $3.46 3/4 (low the week of September 29, 2014) through the high of $4.31 1/2 (week of December 29). Major (long-term) support on the continuous monthly chart remains at $3.56.

Corn (New-crop): The December contract closed 8.00cts lower at $3.80 1/4 last week. The secondary (intermediate-term) trend is down with the contract extending its sell-off below support near $3.84 1/2, a price that marks the 76.4% retracement level of the previous uptrend from the low of $3.64 1/4 (week of September 29, 2014) through the high of $4.40 (week of December 29). Weekly stochastics dropped under 20% indicating the contract is in an oversold situation.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.29, down 2 cents for the week. Despite posting a bearish outside week the trend of the market remains sideways. Support is at the series of lows near $9.12, with initial resistance at $9.57, then $10.02. Weekly stochastics remain neutral, holding above the oversold level of 20%.

Soybeans (old-crop): The July contract closed 6.00ct lower at $9.84 3/4 last week. The secondary (intermediate-term) trend remains sideways despite last week's bearish outside range. With weekly stochastics below the oversold level of 20% the contract continues to hold above trendline support, pegged this week at $9.51. Trendline resistance is calculated at $9.78 1/4.

Soybeans (new-crop): The November contract closed 11.75cts lower at $9.40 3/4 last week. Though the contract posted a bearish outside week, the secondary (intermediate-term) trend remains sideways. However, follow-through pressure could lead to a test of support at the 4-week low of $9.33, then the contract low of $9.27 1/2. Weekly stochastics are already below 20%, indicating an oversold situation.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.46, down 15 cents for the week. The move below its previous low of $4.55 indicates the SR.X has resumed its secondary (intermediate-term)) downtrend. Next support would be at the low of $4.25 from the week of September 22, 2014. However weekly stochastics are below the oversold level of 20%, indicating an oversold situation, an opening the door for a potential change in trend.

SRW Wheat (new-crop): The July Chicago contract closed 14.50cts lower at $4.74 last week. The move to a new low ($4.64) indicates the contract has resumed its secondary (intermediate-term) downtrend despite weekly stochastics already calculated below the oversold level of 20%. Major (long-term) support is at the April 2015 low (continuous monthly chart) of $4.64.

HRW Wheat (new-crop): The July Kansas City contract closed 7.00cts lower at $5.00 1/2 last week. While the secondary (intermediate-term) trend looks to still be down, the contract was able to rally off last week's low of $4.89 1/2. With weekly stochastics already below the oversold level of 20%, the stage is set for a potential spike low on its weekly chart.

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