Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.05 3/4, up 2 cents for the week. For now the secondary (intermediate-term) trend could still be considered sideways. The NCI.X needs to see a weekly close above its previous high weekly close of $3.08 1/2 to indicate a move into a normal seasonal uptrend that tends to last through early June. Support is at a weekly close of $3.00.
Corn (Old-crop Futures): The December 2017 contract closed 0.50ct lower at $3.43. From a technical point of view, almost anything is possible with Dec corn following last week's action. An early sell-off took the contract to a new low of $3.36 1/4 before a late-week rally left the contract only 1/2 cent below the previous week's close. This could be viewed as a bearish extension to a new low of a potential spike reversal. Weekly stochastics established a bullish crossover below the oversold level of 20%, indicating the latter (spike reversal) is a stronger possibility. Still, until the contract posts a new 4-week high above $3.55 1/4 it remains vulnerable to moving back to its secondary (intermediate-term) downtrend.
Corn (New-crop Futures): The December 2018 contract closed 2.00cts lower at $3.87 1/4. December 2018 corn's secondary (intermediate-term) trend remains down. Support is at the new contract low (last week's low) of $3.81 1/4. Weekly stochastics remain bearish below the oversold level of 20%.
Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.13 1/4, up 6 cents for the week. The NSI.X remains in a secondary (intermediate-term) sideways-to-up trend on its weekly close-only chart. Initial resistance is at the high weekly close of $9.22 3/4 from the week of October 9.
Soybeans (Old-crop Futures): The January 2018 contract closed at $9.90 1/2, up 3 1/2 cents for the week. The contract's secondary (intermediate-term) trend still looks to be sideways-to-up. Resistance remains at the recent high of $10.13 (week of October 9) with initial support at $9.71, then $9.61 1/4. The 4-week low (last week's low) is at $9.67.
Soybeans (New-crop Futures): The November 2018 contract closed at $10.01, up 2 1/4 cents for the week. The contract looks to be in a secondary (intermediate-term) sideways trend. Resistance is at the previous high of $10.28 3/4 with initial support at the new 4-week low of $9.80 1/2.
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