by Jim Wyckoff, Senior Analyst, TraderPlanet.com

JANUARY SOYBEANS

January soybean prices Friday closed firmer and near mid-range on short covering in a bear market. Prices last Thursday hit a fresh 17-month low. There are no early technical clues of a market bottom being close at hand, but seasonal studies do suggest a market bottom around this timeframe. Prices are still in a 3.5-month-old downtrend 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 $9.72 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $8.38 1/2. First resistance for January soybeans is seen at Friday’s high of $9.21 1/4 and then at $9.40. First support is seen at $9.00 and then at Friday’s low of $8.88 3/4.

16.48 ——- the contract high
9.29 1/2 — 10-day moving average
10.28 3/4 — 20-day moving average
11.38 1/2 — 40-day moving average
7.90 1/4 —– the contract low

DECEMBER SOYBEAN MEAL

December soymeal prices Friday closed higher and near mid-range on short covering in a bear market. Bears still have the near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $267.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $236.90. First resistance comes in at Friday’s high of $261.90 and then at $265.00. First support is seen at Friday’s low of $252.70 and then at $250.00.

$431.90 — contract high
$256.60 — 10-day moving average
$281.20 — 20-day moving average
$310.60 — 40-day moving average
$172.20 — the contract low

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Source: VantagePoint Intermarket Analysis Software

DECEMBER SOYBEAN OIL

December bean oil prices on Friday closed slightly higher and near the session low. Bean oil prices are still in a 3.5-month-old downtrend on the daily bar chart. Bears still have the solid near-term technical advantage. 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 40.36 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 32.50 cents. First resistance is seen at 36.00 cents and then at 36.80 cents. First support is seen at 35.00 cents and then at last week’s low of 33.90 cents.

74.00 — the contract high
38.04 — 10-day moving average
42.17 — 20-day moving average
46.10 — 40-day moving average
23.28 — the contract low

DECEMBER CORN

December corn prices Friday closed higher and near the session high on short covering in a bear market. There are still no technical clues of a market bottom being close at hand, but seasonal studies do show corn prices bottoming out during this timeframe. Prices are still in a 14-week-old downtrend on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at last week’s low of $3.71. The bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of $4.28 1/2. First resistance for December corn is seen at Friday’s high of $4.10 and then at $4.16. First support is seen at $4.00 and then at Friday’s low of $3.87.

7.99 1/4 — the contract high
4.11 1/2 — 10-day moving average
4.64 1/2 —- 20-day moving average
5.13 3/4 — 40-day moving average
2.59 ——– the contract low

DECEMBER CBOT WHEAT

December Chicago wheat prices Friday closed firmer and nearer the session high on short covering in a bear market. The wheat bears still have the solid near-term technical advantage. Prices are still in a six-month-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below major psychological support at $5.00. Bulls’
next upside price objective is to push and close December futures prices above major psychological resistance at $6.00 a bushel.
First resistance is seen at Friday’s high of $5.71 1/4 and then at $5.80. First support lies at Friday’s low of $5.55 1/4 and then at $5.50.

12.84 1/4 — the contract high
5.81 1/2 — 10-day moving average
6.38 3/4 — 20-day moving average
7.02 1/2 — 40-day moving average
4.00 1/2 — the contract low

DECEMBER KCBT WHEAT

December Kansas City wheat prices Friday closed higher and near the session high on short covering in a bear market. The bears still have the near-term technical advantage. Prices are still in a 6.5-month-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $6.37 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $5.50. First resistance is seen at Friday’s high of $6.00 and then at $6.10. First support is seen at Friday’s low of $5.88 1/2 and then at last week’s low of $5.78.

12.99 ——– the contract high
6.51 3/4 — 10-day moving average
6.72 1/4 — 20-day moving average
7.38 3/4 —- 40-day moving average
4.88 ——– the contract low