The cmdty National Corn Price Index (NCPI, weighted national average cash price) extended Wave 3 of its current 5-wave major (long-term) uptrend during September, reaching a high of $3.53 before closing just off that mark at $3.49. The NCPI took out its initial upside target near $3.39, the 38.2% retracement level of the previous 3-wave downtrend from $4.46 (July 2019) through the low near $2.73 (April 2020). The next target is the 50% retracement mark near $3.59, then the 61.8% level near $3.80. AT some point we should expect a Wave 4 selloff. While monthly stochastics (bottom study) are still nearer the oversold level of 20% than the overbought level of 80%, weekly stochastics are above 90% indicating we could soon see secondary (intermediate-term) downturn. This could be triggered by a test of the 50% retracement level mentioned above, and would be considered the major Wave 4 move. For now, though, the path of least resistance remains onward an upward with support coming from solid commercial buying in both futures and cash, the latter indicated by firm national average basis.