Soybeans Bearish into Late-July; Corn & Wheat Diverging.
Soybeans Bearish into Late-July; Corn & Wheat Diverging.
05/19/18 Weekly Re-Lay:
“Soybeans, Corn & Wheat are mixed with Corn & Wheat attempting to resume their advances. In contrast, Soybeans declined further, after reversing their weekly trend down & closing below the weekly 21 Low MAC, nearing their intra-year low (intra-year trend support) at 980.0/SN and their weekly 21 Low MARC at 979.0/SN.
Soybeans could rebound to a lower high in early-June – the latest phase of 6-week & 12-week high-high-(high) Cycle Progressions – even as Corn & Wheat rally to new highs. That would turn focus to late-July – when Soybeans have a 29-week low-low-low-low Cycle Progression converging with 360-degree cycles.
Corn remains in weekly & intra-year uptrends and could see another surge into May 29 – June 5, the next phase of both a 10-week and 5-week low-low-(high?) Cycle Progression. Corn needs a daily close above 405.0/CN to validate that scenario.
Wheat is fulfilling analysis for a new advance and just neutralized its daily & intra-month downtrends after testing and holding daily 21 MARC support. A rally to new highs is expected.”
Grain markets are fulfilling late-2017 projections for a 4 – 6 month advance to begin 2018 – leading into a multi-quarter peak in the middle half of 2018. Soybeans have reversed their weekly trend down, confirming that their intra-year peak is already intact… even as Corn & Wheat could spike higher into ~May 29. The entire complex is expected to decline after that – potentially driving prices lower into late-July 2018. See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.