Recall from the end of October Monthly Analysis when I talked about how the cmdty National Soybean Price Index (NSPI, weighted national average cash price) looked to be nearing a top. After posting a high of $10.42 that month, the NSPI closed at $10.07, enough off the top for monthly stochastics to establish a bearish crossover above the overbought level of 80%. This is one of the signals I look for that a market is set to change trend, in this case its major (long-term) trend. However, as we’ve seen so often in soybeans over the last number of months, the NSPI shrugged off this bearish indicator to rocket to another new high of $11.48 during November. This move was notable in that it broke through the previous peak of $11.10 from June 2016 with support continuing to come from both noncommercial and commercial traders. However, unlike cash corn (see “Increased Concern”), the NSPI looks to be extending Wave 5 of its major 5-wave uptrend pattern meaning we should be looking for this move to come to an end at some point in the not too distant future. Similar to corn, though, the NSPI remains supported by strong national average basis.