FARM BUSINESS NEWS
Darin Newsom DTN Senior Analyst
Sun May 11, 2014 08:56 AM CDT

Ag Markets: Weekly Analysis

Corn: The July contract closed 8.00cts higher. The secondary trend is sideways despite weekly stochastics remaining bearish. The latter established a bearish crossover the week of April 6 but has failed to generate increased noncommercial long-liquidation. The July contract is holding near technical price resistance at $5.06 1/2, a price that marks the 33% retracement level of the previous downtrend from $6.76 through the low of $4.21 3/4. As for breaking out of its sideways trend, the range is between the four-week high of $5.24 1/4 and the four-week low of $4.90 3/4.

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