Technically Speaking

Corn: The December contract closed 0.25ct higher. The secondary (intermediate-term) trend is sideways in corn. After posting a new low of $4.10 3/4 this past week, the December contract was able to close fractionally higher.

Soybeans: The January contract closed 39.00cts higher. The secondary (intermediate-term) trend is up. The January contract posted a bullish outside week (traded above the previous week's high, below the previous week's low, and closed higher for the week), its second such pattern over the last three weeks. Weekly stochastics remain long-term bullish, short-term neutral. The next upside price target is near $13.45 1/4.

Wheat: The Chicago December contract closed 5.00cts higher. The secondary (intermediate-term) trend on the wheat chart remains sideways to down. The December Chicago contract continues to hold above its previous low at $6.35 1/2 (week of August 11). According to the latest CFTC Commitment of Traders report, noncommercial traders increased their net-short futures position by 6,878 contracts through the week ending Tuesday, November 19.

Cotton: The March contract closed 0.97cts higher. The secondary (intermediate-term) trend is down. The March contract posted a bearish outside week (traded above the previous week's high, below the previous week's low, and closed lower for the week) indicating the market could see continued pressure. Weekly stochastics are indicating the contract is sharply oversold and could soon turn sideways.

Live Cattle: The December contract closed 3.00 lower. The secondary (intermediate-term) trend is down. The February contact is testing initial support between $131.65 and $131.10, prices that mark the 33% and 31.8% retracement levels of the previous uptrend from $124.025 through the high of $135.45. Next support is pegged at the 50% retracement level near $129.75.

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