The cmdty National Corn Price Index (NCPI, weighted national average cash price) continues to show a major (long-term) downtrend on its monthly chart. This trend began with a bearish spike reversal this past May that included a high of $7.4931 and coincided with a bearish crossover by monthly stochastics above the overbought level of 80%. The downside range for the NCPI is between $5.6723 and $5.1098, with bullish market fundamentals indicted by the weak carry in futures spreads potentially limiting the selloff. However, if futures spreads, and basis, start to weaken the NCPI could extend this move to $4.5473. Initial support is at the previous 4-month low of $5.3676 from April.