Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.63, up 29 cents for the week. Cash corn looks to have reestablished a secondary (intermediate-term) uptrend, easily moving through resistance at its previous 4-week high of $3.46. The NCI.X closed at a test of resistance, with $3.63 marking the 67% retracement level of the previous downtrend from $3.80 through the recent low of $3.29. With weekly stochastics bullish and the major (long-term) trend up, the next upside target for the NCI.X is its December 2014 high of $3.80.

Corn (Old-crop): The September contract closed 33.75cts higher at $3.92 1/2. Sep corn was able to reestablish its secondary (intermediate-term) uptrend, easily moving through its previous 4-week high of $3.75 3/4. Last week's rally saw the contract test resistance between $3.93 and $4.06 1/2, posting a high of $3.97. With weekly stochastics bullish and the major (long-term) trend up, Sep corn could look to test its December 2014 high of $4.33 3/4.

Corn (New-crop): The December contract closed 33.25cts higher at $4.02. Dec corn abruptly reestablished its secondary (intermediate-term) uptrend, posting a new 4-week high of $4.06 1/2. This is also a test of resistance between $4.01 1/4 and $4.14 1/4, prices that mark the 50% and 67% retracement levels of the previous downtrend from $4.40 (week of December 29) through the recent low of $3.62 1/2. With weekly stochastics bullish and the major (long-term) trend up, Dec corn should be able to extend this rally to at least a test of its December 2014 high ($4.40).

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.65, up 26 cents for the week. The NSI.X extended its secondary (intermediate-term) uptrend, with next resistance at $10.03. This price marks the 23.6% retracement level of the downtrend from $14.97 through the low of $8.50. Weekly stochastics remain bullish.

Soybeans (old-crop): The August contract closed 42.50cts higher at $9.97 3/4 last week. August soybeans extended the recently established secondary (intermediate-term) uptrend, nearing a test of initial resistance at $10.30 1/4. This price marks the 33% retracement level of the previous downtrend from $12.72 1/2 through the low of $9.09 1/4. With the August to September futures spread inverted, reflecting a bullish commercial outlook, and weekly stochastics bullish the contract should extend this rally to at least a 50% retracement ($10.91) or possibly a 67% retracement ($11.51 1/2).

Soybeans (new-crop): The November contract closed 46.25cts higher at $9.86 last week. November soybeans extended the secondary (intermediate-term) uptrend to a high of $10.02 before falling back at Friday's close. Resistance remains at $10.07 3/4, a price that marks the 33% retracement level of the previous downtrend from $12.32 through the low of $8.95 3/4. Given that the new-crop forward curve is growing more bullish, and that the major (long-term) trend remains up, November beans could look to extend this uptrend to the 50% retracement level near $10.64 or the 67% retracement level of $11.20. Major resistance on the market's monthly chart is at the November high of $10.86 1/4.

Wheat (Cash): The DTN National SRW Wheat Index (SR.X, national average cash price) closed at $5.31 1/4, up 71 cents for the week. The SR.X saw its secondary (intermediate-term) uptrend strengthen as it moved through its previous 4-week high of $5.05 1/4. Resistance is pegged at $5.30 1/2, a price that marks the 50% retracement level of the previous downtrend from $6.23 through the low of $4.38. However, given last week's strong close and the fact stochastics remain bullish the SR.X could extend its uptrend to the 67% retracement level near $5.61 1/2.

SRW Wheat: The September Chicago contract closed 75.50cts higher at $5.68. The contract reestablished its secondary (intermediate-term) uptrend, quickly moving to a test of initial resistance at $5.66 3/4. This price marks the 33% retracement level of the previous downtrend from $7.62 through the low of $4.69 1/4. Given the uptrend in the September to December futures spread, reflecting a more bullish commercial outlook, and bullish weekly stochastics the contract could extend its uptrend to the 50% retracement level near $6.15 3/4.

HRW Wheat: The September Kansas City contract closed 56.00cts higher at $5.69. The contract looks to have reestablished its secondary (intermediate-term) uptrend, closing near last week's high of $5.72. Stochastics remain bullish, indicating a possible extension of this rally to a test of resistance near $6.02, the 33% retracement level of the previous downtrend from $8.15 through the low of $4.95 1/2.

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