Corn (Cash): The DTN National Corn Index (NCI.X, national average cash price) closed at $3.03 3/4, down 3 1/2 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 4.75cts lower at $3.43 1/2. A move to a new low of $3.40 3/4 indicates the contract's secondary (intermediate-term) trend has turned down again. However, weekly stochastics are in single-digits indicating a sharply oversold situation. This could lead to a possible bullish reversal over the coming weeks, a move that could put the market back in step with its normal seasonal tendencies.
Corn (New-crop Futures): The December 2018 contract closed 4.25cts lower at $3.89 1/4. December 2018 corn's secondary (intermediate-term) trend turned down last week as the contract posted a new 4-week low of $3.86 1/2. Next support is the contract low of $3.76 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 $9.07 1/4, up 4 3/4 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 $9.87, up 1/4 cent for the week. The contract's secondary (intermediate-term) trend still looks to be sideways-to-up, though last week's late sell-off led to a test of support at the 4-week low of $9.82. Action early this week could be key in determining whether or not the contract can rebuild bullish momentum, or takes out the 4-week low and heads lower.
Soybeans (New-crop Futures): The November 2018 contract closed at $9.98 3/4, up 1/4 cent for the week. The contract looks to be in a secondary (intermediate-term) sideways-to-up trend. Resistance is at the previous high of $10.28 3/4 with initial support at the 4-week low of $9.93.
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