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 $3.30 3/4, up 5 3/4 cents for the week. The NCI.X moved to a secondary (intermediate-term) sideways trend on its weekly close only chart. The higher weekly close allowed weekly stochastics to post a bullish crossover, though well above the oversold level of 20%. Initial support remains at the recent low weekly close of $3.17 1/4 with resistance the recent high weekly close of $3.35.

Corn (Old-crop Futures): The July contract closed 4.25cts higher at $3.70 3/4. The secondary (intermediate-term) trend remains sideways with initial support at $3.60 1/2 and resistance at the 4-week 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 3.50cts higher at $3.88 1/2. 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 4-weeek 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 $9.00 3/4, up 22 1/4 cents for the week. The NSI.X remains in a secondary (intermediate-term) 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. Weekly stochastics are bullish below the oversold level of 20%. National average basis (NSI.X minus the close of the July futures contract) strengthened 5 cents last week.

Soybeans (Old-crop Futures): The July contract closed at $9.73, up 16 3/4 cents for the week. The contract remains in a secondary (intermediate-term) uptrend based on the bullish reversal seen the week of April 10. July beans tested initial resistance at $9.81 3/4, a price that marks the 23.6% retracement level of the previous downtrend from $11.13, with its high of $9.83. The 38.2% retracement level is up near $10.06 3/4. Weekly stochastics are bullish below the oversold level of 20%.

Soybeans (New-crop Futures): The November 2017 contract closed at $9.66 1/2, up 13 1/4 cents for the week. The contract looks to have reestablished its secondary (intermediate-term) uptrend as it posted a new 4-week high of $9.73 3/4. Next resistance is at $9.80 1/4, a price that marks the 38.2% retracement level of the previous downtrend from $10.43 through the low of $9.41 1/2.

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Comments

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Unknown
5/19/2017 | 8:45 AM CDT
Thanks for the response on my comment. I look forward to reading your updates every weekend. Thankyou for all the great info.
DARIN NEWSOM
5/18/2017 | 7:18 AM CDT
Good morning. My apologies for last weekend. I was called out of town at the last minute and didn't get back in time to update blogs. Charts were largely unchanged from the previous weekend Monday morning. These will be updated this coming weekend. I appreciate your feedback and the fact you include these blogs in your marketing decisions.
Unknown
5/16/2017 | 11:19 PM CDT
Were is the weekly grain market updates? It used to always be available on the weekend and now it keeps geting delayed. I pay money for this information to make marketing decisions! Its good to have on the weekends when a person has time to read. Please help