Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.45, up 2 cents for the week. The secondary (intermediate-term) trend now looks to be sideways following the establishment of a bullish reversal by the NCI.X. However, weekly stochastics have not completely crossed into oversold territory below 20%. Technical support remains at $3.42, a price that marks the 38.2% retracement level of the previous uptrend from $2.81 through the high of $3.80.

Corn (Old-crop): The July contract closed unchanged at $3.63 last week. The secondary (intermediate-term) downtrend looks to be nearing its end, with the futures contract stabilizing and weekly stochastics below the oversold level of 20%. This sets the stage for the establishment of a possible bullish crossover in coming weeks. Initial support is at last week's low of $3.55 3/4, then the contract low of $3.46 3/4. Friday's weekly CFTC Commitments of Traders report showed noncommercial interests moving to a net-short futures position, a move that could ultimately prove bullish if short-covering buying begins.

Corn (New-crop): The December contract closed 2.00cts lower at $3.78 1/4 last week. The secondary (intermediate-term) trend remains down though the contract continues to hold above its low of $3.64 1/4. Weekly stochastics are below the oversold level of 20% and nearing a potential bullish crossover that would indicate a change in momentum.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.39, up 12 cents for the week. The secondary (intermediate-term) 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 to bullish, holding above the oversold level of 20% with the last signal a bullish crossover in oversold territory the week of October 13, 2014.

Soybeans (old-crop): The July contract closed 11.50cts higher at $9.76 1/4 last week. The secondary (intermediate-term) trend remains sideways. Trendline support is calculated this week near $9.51 1/2, then the contract low of $9.32 1/4. Initial resistance is pegged at $9.73 1/2 (trendline), then $9.97 1/2. Weekly stochastics remain neutral-to-bullish the most recent secondary signal a bullish crossover below the oversold level of 20% the week of October 6, 2014.

Soybeans (new-crop): The November contract closed 11.25cts higher at $9.52 last week. The secondary (intermediate-term) trend remains sideways. Support is at the contract low of $9.27 1/2 while initial resistance (trendline) is calculated at $9.49 1/2. Beyond that, resistance is between $9.67 1/2 and $9.78 3/4.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.53, up 7 cents for the week. The SR.X posted a bullish reversal last week, possibly indicating a move to a secondary (intermediate-term) uptrend. Weekly stochastics remain below the oversold level of 20%, though the last secondary signal was a bullish crossover in oversold territory the week of March 16, 2015. If this proves to be a false signal, initial support is at last week's low of $4.38, then the previous low of $4.25.

SRW Wheat (new-crop): The July Chicago contract closed 7.50cts lower at $4.81 1/2 last week after posting a new low of $4.60 3/4. Weekly stochastics established a secondary (confirming) bullish crossover below the oversold level of 20%, the previous occurring the week of March 16, 2015. This would indicate that last week's move by the futures contract was a spike reversal and that the secondary (intermediate-term) trend is now up. Friday's CFTC Commitments of Traders report showed noncommercial interests increasing their net-short futures position by 7,493 contracts, setting the stage for support from potential short-covering in the coming weeks.

HRW Wheat (new-crop): The July Kansas City contract closed 8.00cts higher at $5.08 1/2 last week. Weekly stochastics established a secondary (confirming) bullish crossover below the oversold level of 20%, the initial crossover seen the week of March 16, 2015. This would indicate that last week's move by the futures contract is a spike reversal, initiating a secondary (intermediate-term) uptrend.

The weekly Commitments of Traders report showed positions held as of Tuesday, May 5.

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