Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.08 1/2, up 3 cents for the week. The NCI.X remains in a secondary (intermediate-term) uptrend on its weekly chart. Last week saw the NCI.X post a bullish outside range, confirming previous bullish signals. Initial resistance is at $3.09 3/4, a price that marks the 23.6% retracement of the previous downtrend from $3.57 1/4 through the low of $2.95 1/4. The 38.2% retracement level is up at $3.19 with the 50% up at $3.26 1/4.
Corn (Old-crop Futures): The December 2017 contract closed 2.75cts higher at $3.52 3/4. The contract looked to have reestablished a secondary (intermediate-term) downtrend with a move to a new low of $3.42. 1/2. However, a late week rally did allow the contract to close higher for the week. Weekly stochastics remain below the oversold level of 20% and nearing a bullish crossover. If this occurs the contract could move into its usual seasonal uptrend. Initial resistance is at the 4-week high of $3.58.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT T
Corn (New-crop Futures): The December 2018 contract closed 1.75cts higher at $3.98 1/4. December 2018 corn's secondary (intermediate-term) trend remains sideways. Support is at $3.88 3/4, a price that marks the 76.4% retracement level of the previous secondary uptrend from the contract low of $3.76 1/4 through the high of $4.29 1/2. Resistance is at the recent high of $4.02 1/4.
Soybeans (Cash): The DTN National Soybean Index (NSI.X, national average cash price) closed at $9.22 3/4, up 29 cents for the week. The market's secondary (intermediate-term) trend turned up as the NSI.X posted a new 4-week high last week of $9.22 3/4. Resistance on its weekly chart remains at $9.43 3/4 and the previous high of $9.62 1/2.
Soybeans (Old-crop Futures): The November 2017 contract closed at $10.00 1/4, up 28 cents for the week. The secondary (intermediate-term) trend turned up last week as Nov beans posted a new 4-week high of $10.03 1/4. With weekly stochastics bullish, next resistance is between the previous highs of $10.43 and $10.47.
Soybeans (New-crop Futures): The November 2018 contract closed at $10.10 1/2, up 18 3/4 cents for the week. The contract remains in a standard 5-wave secondary (intermediate-term) uptrend. Theoretically the peak of the next wave, Wave 3, should occur above the Wave 1 high of $10.28 3/4.
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