The cmdty National Soybean Price Index (NSPI, weighted national average cash price) remains in a major (long-term) downtrend with the next target at $10.7740. The NSPI closed December calculated at $12.9589. The NSPI has been in a secondary (intermediate-term) uptrend, a move that can be considered Wave B (second wave) of the 3-wave major downtrend pattern. However, last week saw the NSPI post a bearish spike reversal on its week chart indicating the secondary trend looks to have turned down again. If so, this would be Wave C of the major trend, with the move expected to take out the Wave A (first wave) low of $11.4197 from October 2021.
