Technically Speaking

Weekly Analysis: Corn and Soybean Markets

Source: DTN ProphetX

Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.22, down 12 3/4 cents for the week. The NCI.X remains in a secondary (intermediate-term) downtrend on its weekly close only chart with initial support at $3.18 1/4. However, cash corn is in Wave C (third wave) of a 3-wave move meaning it should take out the Wave A low of $3.17 1/4. This puts the downside target at $3.12, a price that marks the 50% retracement level of the previous uptrend from $2.85 1/4 through the high of $3.38 1/2.

Corn (Old-crop Futures): The July contract closed 14.25cts lower at $3.63 3/4. The secondary (intermediate-term) trend remains sideways with initial support at $3.60 1/2 and resistance $3.98 1/4. Next support is down at the previous low of $3.40 1/4. Weekly stochastics are nearing the oversold level of 20%.

Corn (New-crop Futures): The December 2017 contract closed 12.50cts lower at $3.82. The contract's secondary (intermediate-term) trend is sideways with initial support at $3.81 1/4, then $3.73 1/2. Resistance remains at the previous high of $4.03 3/4. Weekly stochastics are nearing the oversold level of 20%.

Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $8.80, down 2 cents for the week. Despite the lower close, the NSI.X still looks to be in an uptrend on its weekly close only chart. Initial resistance is at $9.25, a price that marks the 23.6% retracement level of the previous downtrend from $11.12 through the low of $8.67 1/4. The 38.2% retracement level is at $9.60 3/4.

Soybeans (Old-crop Futures): The July contract closed at $60 3/4, down 5 1/2 cents for the week. Despite the lower weekly close the contract remains in a secondary (intermediate-term) uptrend, with initial resistance at $9.81 3/4. This price marks the 23.6% retracement level of the previous downtrend from $11.13. The 38.2% retracement level is up near $10.07 3/4.

Soybeans (New-crop Futures): The November 2017 contract closed at $9.59 1/2, down 2 1/4 cents for the week. The secondary (intermediate-term) trend remains up with next resistance is near $9.81. This price marks the 38.2% retracement level of the downtrend from $10.43 through the recent low of $9.41 1/2. The 50% retracement level is up at $9.92 1/4.

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