FARM BUSINESS NEWS
Darin Newsom DTN Senior Analyst
Sun Mar 2, 2014 08:52 AM CST

Ag Markets: Weekly Analysis

Corn: The May contract closed 4.5cts higher. The secondary (intermediate-term) trend on the weekly chart remains up. However, weekly stochastics above 80% are indicating the contract has moved into an overbought situation, opening the door for a round of short-term selling. Secondary resistance remains at $5.01 3/4, the 33% retracement level of the previous downtrend from $6.76 1/2 through the low of $4.14 1/2. The CFTC Commitments of Traders report showed noncommercial interests adding 72,666 contracts to their net-long futures position.

Soybeans: The May contract closed 53.75cts higher. The secondary (intermediate-term) trend remains up with the ...

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