Corn (Cash): The DTN National Corn Index (NCI, national average cash price) closed at $3.54, up 3 1/4 cents for the week. The looks to be regaining its secondary (intermediate-term) uptrend with last week's settlement above the previous high weekly close of $3.53 1/4. If cash corn falls back this coming week it would signal a sideways trend with support near $3.40 3/4.
Corn (Old-crop Futures): The July 2018 contract (analyzed for DTN Strategy purposes) closed 3/4 cent higher at $3.97. The secondary (intermed9ate-term) trend could be in process of change following last week's rally. While the most recent crossover by weekly stochastics was bearish (week of March 12), in conjunction with a bearish reversal that signaled a downtrend, the contract is in position to test its previous high of $4.02 3/4. A move beyond this price would suggest an extended rally to possibly test the previous high of $4.34 1/4.
Corn (New-crop Futures): The December 2018 contract closed 1 cent higher at $4.12 1/2. The contract looks to have resumed its previous secondary (intermediate-term) uptrend with next resistance near $4.17 3/4. This price marks the 76.4% retracement level of the previous downtrend from $4.29 1/2 through the low of $3.79 1/4.
Soybeans (Cash): The DTN National Soybean Index (NSI, national average cash price) closed at $9.61 3/4, down 5 1/4 cents for the week. The NSI remains in a secondary (intermediate-term) downtrend on its weekly close-only chart. Initial support is the recent low weekly close low near $9.50 1/2.
Soybeans (Old-crop Futures): The May contract closed at $10.33 3/4, down 11 cents for the week. The contract's secondary (intermediate-term) trend still looks to be down. Last week saw the contract post a bearish outside range, with support now at last week's low of $9.83 1/2.
Soybeans (New-crop Futures): The November 2018 contract closed at $10.33 1/4, down 14 1/2 cents for the week. The contract followed the previous week's bullish range with a key reversal last week. After posing a new high of $10.60 the contract fell to a low of $9.97 3/4 before close lower for the week. Meanwhile weekly stochastics posted another bearish crossover above the overbought level of 80%.
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