Corn and soybeans before this week’s WASDE

Market Pulse: Jan 9, 2012

Last week, the first trading week of 2012, March corn opened at 662 and closed the week at 643½. March soybeans opened the week at 1233 and closed the week at 1196½. The drop in these two grains was caused mostly by a strengthening U.S. dollar.

We saw a technical trade signal on Dec. 19-20 as corn broke over $6.00. See the green line on the daily chart below. On the corn chart we see ADX at 49 and while it is dropping, this still is a strong trending market. MACD still is over the signal line with a slight drop in divergence late last week, and Stochastics are overbought.

In Soybeans TIF showed a technical trade signal on Dec. 16. See the green line on the daily chart below. ADX at 42 shows the market to be in a strong trend. MACD is bullish and Stochastics attempted a correction from overbought territory, but look to be getting right back there.

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