NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sun Apr 20, 2014 08:10 AM CDT

Corn: The July contract closed 4.00cts lower. The previous week's bearish crossover by stochastics indicated a move to a secondary (intermediate-term) downtrend, setting the stage for last week's sell-off. Initial support is pegged between $4.90 and $4.73, prices that mark the 33% and 50% retracement levels of previous uptrend from $4.21 3/4 and the recent high of $5.24 1/4. The major (long-term) trend of the corn market remains up on the continuous monthly chart.

New-crop Corn: The December contract closed 2.50cts lower. The secondary (intermediate-term) trend remains down on the contract's weekly chart. However, the neutral carry in the new-crop ...

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