Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.42, down 5 cents for the week. The secondary (intermediate-term) trend is sideways-to-down with the NCI.X closing at initial support of $3.42. This price marks the 38.2% retracement level of the previous uptrend from $2.81 through the high of $3.80. Weekly stochastics show cash corn to be oversold, setting the stage for a potential bullish crossover in the coming weeks.

Corn (Old-crop): The July contract closed 5.50cts lower at $3.60 last week. July corn continues to hold trendline support, calculated this week at $3.56 1/2. This keeps the secondary (intermediate-term) trend sideways for now, with next support at the contract low of $3.46 3/4. Weekly stochastics remain below the oversold level of 20%, setting up a potential secondary (confirming) bullish crossover in the coming weeks. Initial resistance is at the 4-week high of $3.71 1/2.

Corn (New-crop): The December contract closed 5.00cts lower at $3.77 3/4 last week. The secondary (intermediate-term) trend remains sideways with the contract holding above trendline support, calculated this week at $3.73, and weekly stochastics below the oversold level of 20%. Resistance is at the 4-week high, last week's high, of $3.88 3/4. Longer-term 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 $8.89, down 28 cents for the week. The 50-cent sell-off of the last two weeks has taken the NSI.X below support at $9.03, a price that marks the 67% retracement level of its previous rally from $8.50 (low the week of September 29, 2014) through $10.08 (high the week of November 10, 2014). Weekly stochastics are below the oversold level of 20%.

Soybeans (old-crop): The July contract closed 29.00cts lower at $9.24 1/4 last week. Despite continued support from commercial buying, as indicated by the strengthening inverse in the July to August futures spread, July soybeans posted a new contract low of $9.22 3/4 last week. This reestablished a secondary (intermediate-term) downtrend with next major (long-term) support at the October 2014 low of $9.04. Noncommercial selling continues to drive the market lower, with Friday's CFTC Commitments of Traders report showing this group adding 38,427 contracts to their net-short futures position.

Soybeans (new-crop): The November contract closed 27.50cts lower at $9.07 last week. Nov soybeans moved to a new contract low of $9.07 last week, reestablishing a secondary (intermediate-term) downtrend. Pressure continues to come from noncommercial and commercial selling, the latter indicated by the strengthening carry in the new-crop forward curve. Major (long-term) support is at the October 2014 low (continuous monthly chart, most active contract) of $9.04.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $4.88, up 6 cents for the week. The secondary (intermediate-term) trend remains up with initial resistance at $5.00. This price marks the 33% retracement level of the previous downtrend from $6.23 through the low of $4.28. Weekly stochastics remain bullish, indicating a 50% retracement to $5.30 is possible.

SRW Wheat (new-crop): The July Chicago contract closed 4.25cts higher at $5.15 1/4 last week. The secondary (intermediate-term) trend remains up, with initial resistance pegged at $5.61. This price marks the 33% retracement level of the previous downtrend from $7.62 through the low of $4.60 3/4. Weekly stochastics remain bullish.

HRW Wheat (new-crop): The July Kansas City contract closed 4.755cts higher at $5.46 1/2 last week. The contract remains in a secondary (intermediate-term) uptrend with resistance pegged near $5.97. This price marks the 33% retracement level of the previous downtrend from $8.20 through the low of $4.85 1/2. Weekly stochastics remain bullish, meaning momentum should continue to move the market higher. Support could continue to come from noncommercial short-covering, with last Friday's CFTC Commitments of Traders report showing this group reducing their net-short futures holdings by 9,087 contracts.

The weekly Commitments of Traders report showed positions held as of Tuesday, May 19.

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