Corn (Cash): The DTN National Corn Index (NCI, national average cash price) closed at $3.59, down 14 cents for the week. The NCI posted a new low 4-week close last week indicating the secondary (intermediate-term) trend on its weekly close-only chart is now down. While the NCI could see a minor (short-term) rally that possible tests its recent high of $3.73, it's expected to test next support at $3.52. This price marks the 23.6% retracement level of the previous uptrend from $2.85 through the $3.73 high.
Corn (Old-crop Futures): The July 2018 contract closed 14.50 cents lower at $3.91 1/2. The contract looks to have quickly reversed into a secondary (intermediate-term) downtrend by posting a new 4-week low last week of $3.90 3/4. Next support is near $3.87 1/4, a price that marks the 50% retracement level of the previous uptrend from $3.62 through the recent high of $4.12 1/4, then the 61.8% retracement level near $3.81 1/4.
Corn (New-crop Futures): The December 2018 contract closed 13.25 cents lower at $4.11 3/4. Similar to old-crop July, new-crop December corn reversed into a secondary (intermediate-term) downtrend last week, posting a new 4-week low of $4.10 1/2. Next support is at $4.06 3/4, a price that marks the 38.2% retracement level of the previous uptrend from $3.79 1/4 through the high of $4.29 1/2, then the 50% retracement level at $4.01 1/2.
Soybeans (Cash): The DTN National Soybean Index (NSI, national average cash price) closed at $9.56, down 20 cents for the week. The NSI remains in a secondary (intermediate-term) 3-wave downtrend on its weekly close-only chart. Support is at the recent low weekly close of $9.30 (week of May 14).
Soybeans (Old-crop Futures): The July contract closed at $10.21 1/4, down 20 1/4 cents for the week. July soybeans remains in a wide-ranging secondary (intermediate-term) sideways trend with boundaries of $9.65 1/4 (low the week of January 8) and $10.90 1/4 (high the week of February 26).
Soybeans (New-crop Futures): The November 2018 contract closed at $10.37 3/4, down 15 3/4 cents for the week. It could be argued that November soybeans established a double-top pattern on its weekly chart with last week's high of $10.60 1/2. The previous high was $10.60 the week of April 2. Confirmation of a secondary (intermediate-term) downtrend would be a move below the interim low of $10.02 (week of May 14).
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