December Corn futures closed down 1/4 cent at $7.42 3/4 yesterday. Prices closed nearer the session high. More mild profit taking was featured yesterday. The corn bulls still have the strong overall near-term technical advantage and there are still no early clues of a market top being close at hand. Prices are in a seven-week-old uptrend on the daily bar chart.
Corn bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at $7.50. The next downside price breakout objective for the bears is pushing and closing prices solid technical support at last week’s low of $7.06 1/4. First resistance for December corn is seen at the contract high of $7.48
3/4 and then at $7.50. First support is seen at $7.39 1/4 and then at yesterday’s low of $7.34 1/4.
Wyckoff’s Market Rating: 8.5
Source: VantagePoint Intermarket Analysis Software
November soybeans closed down 2 cents at $13.91 1/2 a bushel yesterday. Prices closed near mid-range and saw more mild profit taking. It’s at present price levels that have halted recent rallies in the soybean market. However, soybean bulls still have the solid overall near-term technical advantage as prices are in the upper boundary of a wide trading range at higher price levels.
The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above major psychological resistance at $14.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solidtechnical support at $13.50. First resistance is seen at yesterday’s high of $13.97 3/4 and then at this week’s high of $14.03 1/4. First support is seen at yesterday’s low of $13.84 and then at $13.75.
Wyckoff’s Market Rating: 7.5.
December soybean meal closed up $0.50 at $374.70 yesterday. Prices closed near mid-range yesterday. The bulls still have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above technical resistance at $385.00.
The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $362.60. First resistance comes in at the contract high of $376.70 and then at $380.00. First support is seen at yesterday’s low of $371.60 and then at $369.20.
Wyckoff’s Market Rating: 8.0.
December bean oil closed down 32 points at 56.01 cents yesterday. Prices closed near mid-range yesterday. Prices are still in a choppy four-month-old downtrend on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 57.50 cents.
Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at last week’s low of 54.87 cents. First resistance is seen at yesterday’s high of 56.40 cents and then at this week’s high of 56.74 cents and then at 57.00 cents. First support is seen at yesterday’s low of 55.77 cents and then at 55.50 cents.
Wyckoff’s Market Rating: 5.0
December Chicago SRW Wheat closed up 10 1/2 cents at $7.87 3/4 yesterday. Prices closed nearer the session high yesterday, hit another fresh 2.5-month high and scored a bullish "outside day" up on the daily bar chart. Bulls have the near-term technical advantage and still have upside momentum.
Prices are still in a choppy seven-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is to push and close Chicago SRW prices above major psychological resistance at $8.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $7.31. First resistance is seen at yesterday’s high of $7.93 and then at $8.00. First support lies at $7.80 and then at $7.70.
Wyckoff’s Market Rating: 6.5.
December K.C. HRW wheat closed up 13 1/2 cents at $8.72 1/2 yesterday. Prices closed nearer the session high yesterday and hit another fresh nine-week high. Bulls have the near-term technical advantage and still have upside momentum.
Prices are in a choppy, seven-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above major psychological resistance at $9.00. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at this week’s low of $8.44. First resistance is seen at yesterday’s high of $8.76 1/2 and then at $8.85. First support is seen at $8.60 and then at yesterday’s low of $8.55.
Wyckoff’s Market Rating: 6.5.
December oats closed up 9 3/4 cents at $3.78 yesterday. Prices closed near the session high, hit a fresh nine-week high and scored a bullish "outside day" up on the daily bar chart. Bulls have the near-term technical advantage and gained more upside momentum yesterday.
Bears’ next downside price breakout objective is pushing and closing prices below solid chart support at $3.60. Bulls’ next upside price breakout objective is pushing and closing prices above major psychological resistance at $4.00. First support lies at $3.75 and then at $3.72. First resistance is seen at yesterday’s high of $3.78 1/2 and then at $3.80
Wyckoff’s Market Rating: 6.5
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