Ag Complex Mid June

by | Saturday, June 17, 2017 - 10:46am

Corn continues a defined primary uptrend which started back in Q4 of 2016. The weekly cash chart shows the commodity to be buyer controlled, as it continues to trade above its Point Of Control at 366. Momentum as shown by a 14 period RSI also continues a defined trend higher. The weekly candle in Spot Corn left a long lower shadow which tends to be indicative of further bullish behavior. For the previous week, sellers attempted to sell the commodity lower, but buyers stepped in and defended.

From the daily chart of July Corn futures we see now that the 38.2% Fibonacci Retracement level of the Sept-March rally proved to be a near perfect support level. As we approach the 390 level look for a short term pullback before an initiative move up through 400 is made. Once 400 is achieved and held, a quick move to 420 should happen relatively quickly as there is little supply until 420-425.

Included is a quick update on the Ag Complex Relative Rotation Graph. Remember that those commodities in the top right quadrant are leading the CRB Index and continuing to gain momentum. Those in the bottom right quadrant are outperforming the CRB Index but momentum is starting to slow down. The bottom left quadrant includes those that are trailing the CRB Index and falling further behind, and those in the top left quadrant are trailing the CRB Index but are starting to gain momentum. In the coming week, I would expect to see Nat Gas futures outperform as well as live cattle. Look for soybeans to underperform relative to corn and wheat in the week ahead.

c2spot
rrg ag complex
daily corn futures
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Corn

C2Spot (Cmdty) – 1 Week CandleStick Chart – USD

Sunday, May 21, 2017 – 2:48pm

1 Week Relative Rotation Graphâ„¢ Date: 5/12/2017 Benchmark: Thomson Reuters/Jefferies CRB Commodity Index

1 Week Relative Rotation Graphâ„¢ Date: 5/12/2017 Benchmark: Thomson Reuters/Jefferies CRB Commodity Index – TRJCRB (WI)

CORN JULY 2017

@C# (IQFeed) – 1 Day CandleStick Chart – USD — Data from IQFeed

Saturday, June 17, 2017 – 10:46am

Corn

C2Spot (Cmdty) – 1 Day CandleStick Chart – USD

Sunday, May 21, 2017 – 2:48pm

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