Technically Speaking

Corn: The December contract closed 12.25cts lower. The secondary (intermediate-term) trend has turned down. Weekly stochastics remain well below the oversold level of 20% indicating the next move should be to an uptrend. The major (long-term) trend on the monthly chart is also down.

Soybeans: The January contract closed 42.00cts lower. The secondary (intermediate-term) trend on the weekly chart turned down. The January contract is testing key support near $12.48, the 67% retracement level of the previous uptrend from $11.69 to $14.06. Weekly stochastics are neutral. The major (long-term) trend on the monthly chart remains up.

Wheat: The Chicago December contract closed 23.00cts lower. The secondary (intermediate-term) trend on the wheat chart has turned sideways. The December Chicago contract is testing support near $6.64 1/2, a price that marks the 61.8%% retracement level of the previous uptrend from $6.35 1/2 through the recent high of $7.11 1/4. Weekly stochastics have turned neutral.

Cotton: The December contract closed 2.50cts lower. The secondary (intermediate-term) trend remains down. The December contract fell below support at 78.37, a price that marks the 67% retracement level of the previous uptrend from 70.70 through the high of 93.72. Weekly stochastics remain well below the oversold level of 20%. Major (long-term) support is at the previous low of 66.10.

Live Cattle: The December contract closed 0.90cts lower. The secondary (intermediate-term) trend remains down. Initial support is pegged near $130.65, a price that marks the 33% retracement level of the previous uptrend from $122.775 through the recent high of $134.575. The 50% retracement level is at $128.675.

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