by Jim Wyckoff, Senior Analyst TraderPlanet.com

NOVEMBER SOYBEAN

November soybean prices Friday closed lower and nearer the session low amid bearishly postured “outside markets”–sharply lower crude oil prices and a sharply higher U.S. dollar. Bulls still have the near-term technical advantage as prices are in a three-week-old uptrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at last week’s high of $13.69 3/4 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $13.00. First resistance for November soybeans is seen at Friday’s high of $13.48 and then at $13.69 3/4. First support is seen at Friday’s low of $13.14 and then at $13.00.

16.36 3/4 — the contract high
12.72 3/4 — 10-day moving average
12.94 3/4 — 20-day moving average
14.06 1/2 — 40-day moving average
5.98 ——– the contract low

DECEMBER SOYMEAL

December soymeal prices Friday closed slightly higher and near the session high and also closed at a bullish weekly high close. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $368.40. The next downside price objective for the bears is pushing and closing prices below solid technical support at $350.00. First resistance comes in at Friday’s high of $361.00 and then at $365.00. First support is seen at Friday’s low of $354.50 and then at $350.00.

$431.90 — the contract high
$345.50 — 10-day moving average
$348.30 — 20-day moving average
$373.60 — 40-day moving average
$172.20 — the contract low

wyckoff_082508.jpg

Source: VantagePoint Intermarket Analysis Software

DECEMBER BEAN OIL

December bean oil prices Friday closed solidly lower and near the session low after hitting a fresh three-week high early on. Solid losses in crude oil futures Friday pressured bean oil. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 56.70 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 53.00 cents. First resistance is seen at 55.00 cents and then at 56.00 cents. First support is seen at Friday’s low of 54.45 cents and then at 54.00 cents.

74.00 — the contract high
53.09 — 10-day moving average
54.71 — 20-day moving average
59.79 — 40-day moving average
23.28 — the contract low

DECEMBER CORN

December corn prices Friday closed lower and nearer the session low. The corn market was pressured amid bearish “outside markets”–a sharply higher U.S. dollar and sharply lower crude oil prices. Bulls still have the near-term technical advantage as a three-week-old uptrend is still in place on the daily bar chart. The bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of $6.25. The next downside price objective for the bears is to push and close prices below psychological support at $6.00. First resistance for December corn is seen at Friday’s high of $6.17 and then at $6.25. First support is seen at $6.00 and then at $5.94.

7.99 1/4 — the contract high
5.70 3/4 — 10-day moving average
5.71 1/4 — 20-day moving average
6.29 ——– 40-day moving average
2.59 ——– the contract low

DECEMBER CHICAGO WHEAT

December Chicago wheat prices Friday closed solidly lower and near the session low, amid bearish “outside markets”–sharply lower crude oil and a sharply higher U.S. dollar. The bulls now appear to have become exhausted at last week’s high and have faded. The next downside price objective for the bears is pushing and closing prices below solid technical support at $8.66. Bulls’ next upside price objective is to push and close December futures prices above solid resistance at last week’s high of $9.57 a bushel. First resistance is seen at $9.00 and then at $9.12 3/4. First support lies at Friday’s low of $8.88 and then at $8.75.

12.84 1/4 — the contract high
8.71 1/2 — 10-day moving average
8.40 1/2 — 20-day moving average
8.47 ——- 40-day moving average
4.00 1/2 — the contract low

DECEMBER KANSAS CITY WHEAT

December Kansas City wheat prices Friday closed solidly lower and near the session low. Bulls appear to have become exhausted at last week’s high and have faded. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $9.82 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $9.00. First resistance is seen at $9.42 and then at Friday’s high of $9.45. First support is seen at $9.18 and then at $9.10.

12.99 ——– the contract high
9.03 3/4 — 10-day moving average
8.71 3/4 — 20-day moving average
8.76 3/4 — 40-day moving average
4.88 ——– the contract low