Technically Speaking

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $4.00, up 6 cents for the week. The NCI.X posted a new 4-week high last week, indicating its secondary (intermediate-term) trend remains up. With weekly stochastics still bullish the next target is $4.18, a price that marks the 67% retracement level of the previous downtrend from $4.86 through the low of $2.81.

Corn (Old-crop): The September contract closed 6.25cts higher at $4.34 3/4. The secondary (intermediate-term) trend remains up as Sep corn moved through resistance near $4.32 3/4, the 50% retracement level of the previous downtrend from $5.11 through the low of $3.52. With weekly stochastics still bullish, next resistance is pegged at the 67% retracement level near $4.58 3/4.

Corn (New-crop): The December contract closed 7.75cts higher at $4.45. The secondary (intermediate-term) trend remains up with Dec corn moving above its December 2014 high of $4.40. Using a simple measuring technique, combining the possible double bottom formations near $3.63 and the interim high of $4.40, Dec corn could rally an additional 77 cents. If so, the target would be $5.17, in line with the major (long-term) 38.2% retracement level of $5.21.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.92, down 6 cents for the week. Despite its lower weekly close the NSI.X remains in a secondary (intermediate-term) uptrend. Weekly stochastics are bullish indicating a possible test of $10.66, a price that marks the 33% retracement level of the previous downtrend from $14.97 through the low of $8.50.

Soybeans (old-crop): The August contract closed 6.25cts lower at $10.32 last week. The contract remains in a secondary (intermediate-term) uptrend with next resistance near $10.91. This price marks the 50% 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 or possibly a 67% retracement to $11.51 1/2.

Soybeans (new-crop): The November contract closed 8.00cts lower at $10.22 1/4 last week. Despite the lower weekly close the secondary (intermediate-term) trend remains up. Next resistance is pegged near $10.64, a price that marks the 50% 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 inverted, reflecting a bullish commercial outlook, November beans could look to extend this uptrend to 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 $5.26, down 23 cents for the week. While the secondary (intermediate-term) trend remains up, the SR.X continues to fall back from the recent test of resistance near $5.61 1/2. This price marks the 67% retracement level of the previous downtrend from $6.23 through the low of $4.38. Next support is pegged near $5.09, the 50% retracement level of the rally from the $4.38 low through the recent spike high of $5.80.

SRW Wheat: The September Chicago contract closed 14.50cts lower at $5.76. Despite the lower close the contract's secondary (intermediate-term) trend remains up. However, after testing resistance near $6.15 3/4 Sep wheat has fallen back to test support near $5.68 1/4. This price marks thee 33% retracement level of the previous rally f4om $4.69 1/4 through the recent high of $6.17 1/2.

HRW Wheat: The September Kansas City contract closed 19.50cts lower at $5.72 1/4. Despite its lower close the secondary (intermediate-term) trend remains up. However, the contract has fallen back from its test of initial resistance near $6.02, the 33% retracement level of the previous downtrend from $8.15 through the low of $4.95 1/2. Next support is pegged near $5.59 3/4, the 50% retracement level of the rally from the $4.95 low through the recent high of $6.11 1/2. The 67% retracement level is down near $5.42 1/4.

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