Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.47, up 2 cents for the week. The secondary (intermediate-term) trend remains sideways, though could soon turn up given the bullish reversal seen the previous week. Weekly stochastics are below the oversold level of 20% and could work toward establishing a bullish crossover, confirming the recent technical pattern of the NCI.X. 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 2.50cts higher at $3.65 1/2 last week. July corn held trendline support at $3.56 early in the week before rallying above the previous week's high and closing higher. This action established a bullish crossover below the oversold level of 20% by weekly stochastics, indicating the secondary (intermediate-term) trend has at least turned sideways if not up. It would not be surprising to see consolidation for a couple of weeks, setting the stage for a possible bullish breakout by establishing a new 4-week high. Buying could come from noncommercial short-covering, with Friday's CFTC Commitments of Traders report showing this group increasing their net-short futures position by 720 contracts.

Corn (New-crop): The December contract closed 4.50cts higher at $3.82 3/4 last week. December corn came close to posting a bullish reversal on its weekly chart, equaling the previous week's low of $3.72 1/4 before rallying beyond the previous week's high of $3.85 and closing higher. Last week's solid showing also established a bullish crossover by weekly stochastics below the oversold level of 20%, indicating the secondary (intermediate-term) trend has at least turned sideways, and could soon turn up. As with old-crop July corn, it would not be surprising to see consolidation for a couple of weeks, setting the stage for a bullish breakout to a new 4-week high. Support remains at the contract low of $3.64 1/4.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.17, down 22 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, 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 23.00cts lower at $9.53 1/4 last week. The secondary (intermediate-term) trend remains sideways-to-down, with trendline support calculated this week near $9.52. Beyond that suppose is at the contract low of $9.32 1/4. Weekly stochastics are neutral with last week's action pulling them back below the oversold level of 20%. The most recent secondary signal remains a bullish crossover the week of October 6, 2014.

Soybeans (new-crop): The November contract closed 17.50cts lower at $9.34 1/2 last week. The secondary (intermediate-term) trend remains sideways. Support is at the contract low of $9.27 1/2. Weekly stochastics have slipped below the oversold level of 20% with the last secondary signal a bullish crossover the week of October 13, 2014.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.82, up 29 cents for the week. The SR.X built on last week's bullish reversal, quickly extending its newly established secondary (intermediate-term) uptrend. Initial resistance is at $5.00, a price that marks the 33% retracement level of the previous downtrend from $6.23 through the low of $4.38. Weekly stochastics remain bullish, moving back above the oversold level of 20%.

SRW Wheat (new-crop): The July Chicago contract closed 29.50cts higher at $5.11 last week. The contracts confirmed the previous week's signal of a spike low by posting a new 4-week high of $5.19 3/4 last week. With weekly stochastics bullish, July Chicago wheat should extend its secondary (intermediate-term) uptrend to initial resistance near $5.61, a price that marks the 33% retracement level of the previous downtrend from $7.62 through the low $4.60 3/4.

HRW Wheat (new-crop): The July Kansas City contract closed 33.25cts higher at $5.41 3/4 last week. The contract extended its newly established secondary (intermediate-term) uptrend last week, setting the stage for a possible new 4-week this week. Initial resistance is pegged near $5.97, a price that marks the 33% retracement level of the previous downtrend from $8.20 through the low of $4.85 1/2. Weekly stochastics are bullish following a confirming bullish crossover below the oversold level of 20% the week of May 4.

The weekly Commitments of Traders report showed positions held as of Tuesday, May 12.

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