Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.37, up 2 cents for the week. Cash corn continues to show sideways trends on its major (long-term) monthly, secondary (intermediate-term) weekly, and minor (short-term) daily charts.
Corn (Old-crop Futures): The July contract closed 1.75cts higher at $3.74 1/4. The secondary (intermediate-term) trend remains sideways with initial support at $3.60 1/2 and resistance at the high of $3.79 1/2. Based on the 19 cent sideways range, a move through resistance would indicate an extended rally to test resistance at $3.98 1/4 while a move through support implies a retest of the low at $3.60 1/4.
Corn (New-crop Futures): The December 2017 contract closed 2.25cts higher at $3.92 3/4. The contract's secondary (intermediate-term) trend remains sideways with initial support near $3.81 1/4, then $3.73 1/2. Resistance is at the recent high of $3.95 3/4, then $4.03 3/4.
Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $8.56, down 25 3/4 cents for the week. Cash soybeans reestablished a secondary (intermediate-term) downtrend with a move below its previous low weekly close of $8.67 1/4. Next support is pegged at $8.08, the close from the week of February 22, 2016.
Soybeans (Old-crop Futures): The July contract closed at $9.26 1/2, down 26 1/2 cents for the week. As discussed last week, the contract fell to a new low last week of $9.25 1/4. Despite being oversold on weekly and monthly charts, the July contract is in the process of establishing a bearish outside month on its long-term chart. This would indicate an extended major sell-off to the previous low of $8.44 1/4 is possible (for further discussion, see Monthly Analysis in this space, set to be released Thursday, June 1).
Soybeans (New-crop Futures): The November 2017 contract closed at $9.29 1/4, down 22 1/2 cents for the week. Despite being oversold on its weekly chart, the move to a new low of $9.28 opens the door to an extended sell-off. Next support is pegged between $9.19 and $9.01.
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