Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.34 3/4, up 15 1/2 cents for the week. The NCI.X is in a secondary (intermediate-term) sideways trend on its weekly close-only chart with resistance at the high of $3.48 (week of June 5) and support the low of $3.19 1/4 (week of June 19). Given the minor (short-term) trend of the NCI.X has turned up, cash corn could look at testing the high-end of its sideways range.
Corn (Old-crop Futures): The September contract closed 15.50cts higher at $3.81. While the previous week's action still indicates the secondary (intermediate-term) trend has turned down, other technical indicators continue to show a sideways trend. If sideways the range would be between the 4-week high of $3.99 1/4 and 4-week low of $3.64 1/2. Weekly stochastics remain neutral.
Corn (New-crop Futures): The December 2017 contract closed 16.75cts higher at $3.92. Similar to September corn, new-crop December could be classified in secondary (intermediate-term) sideways trend, though the most recent breakout was to the downside. Dec corn's range is now between the 4-week high of $4.09 and 4-week low of $3.74.
Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $8.80 3/4, up 40 3/4 cents for the week. The NSI.X established a 2-week reversal, posting a new 4-week high of $8.80 3/4. Initial resistance is near $9.04 1/4, a price that marks the 23.6% retracement level of the previous downtrend from $11.12 through the low of $8.40.
Soybeans (Old-crop Futures): The August contract closed at $9.47, up 38 1/2 cents for the week. August soybeans established a 2-week reversal, closing near its weekly high of $9.50 1/2 after settling near its new low of $9.04 1/2 the previous week. The contract is already testing initial resistance at $9.47 3/4, a price that marks the 23.6% retracement level of the previous downtrend from $10.88 through the $9.04 1/2 low. The 38.6% retracement level is up at $9.74 1/2.
Soybeans (New-crop Futures): The November 2017 contract closed at $9.54 3/4 up 43 3/4 cents for the week. Similar to cash and old-crop August, new-crop November established a 2-week reversal last week, indicating its secondary (intermediate-term) trend is up. The contract is testing resistance at $9.59, a price that marks the 38.6% retracement level of the previous downtrend from $10.43 through the recent low of $9.07.
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