January soybean prices Friday closed weaker and nearer the session high. Soybean bears remain in overall near-term technical control. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $9.00 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $8.00 a bushel. First resistance for January soybeans is seen at last week’s high of $8.65 3/4 and then at $8.75. First support is seen at $8.50 and then at $8.42.
16.48 ——- the contract high
8.27 1/4 — 10-day moving average
8.55 1/4 — 20-day moving average
8.84 1/2 — 40-day moving average
7.76 1/4 — the contract low
March soymeal prices Friday closed higher and near the session high. Prices also closed at a bullish weekly high close on Friday. Short covering in a bear market was featured. Bears still have the overall near-term technical advantage. A six-month-old downtrend is still in place on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at $268.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $242.20. First resistance comes in at Friday’s high of $259.30 and then at $265.00. First support is seen at $250.00 and then at Friday’s low of $248.80.
$434.40 — contract high
$248.20 — 10-day moving average
$256.30 — 20-day moving average
$265.10 — 40-day moving average
$229.70 — the contract low
Source: VantagePoint Intermarket Analysis Software
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March bean oil prices Friday closed lower and near mid-range.Bean oil prices are still in a 5.5-month-old downtrend on the daily bar chart. Bears still have the near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 34.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 30.00 cents. First resistance is seen at Friday’s high of 32.08 cents and then at last week’s high of 32.47 cents. First support is seen at Friday’s low of 30.50 cents and then at 30.00 cents.
74.18 — the contract high
30.78 — 10-day moving average
31.81 — 20-day moving average
33.87 — 40-day moving average
28.52 — the contract low
March corn prices Friday closed higher and nearer the session high and hit a fresh three-week high. Prices also scored a bullish “outside day” up on the daily bar chart and closed at a bullish weekly high close. Short covering and bargain-hunting buying were featured. Friday’s price action is a technical clue that a near-term market low is in place and the bulls do have some fresh upside near-term technical momentum. The next downside price objective for the bears is to push and close prices below solid technical support at Friday’s low of $3.37. The bulls’ next upside price objective is to push and close prices above major psychological resistance at $4.00. First resistance for March corn is seen at Friday’s high of $3.79 1/2 and then at $3.90. First support is seen at $3.70 and then at $3.60.
8.16 ——– the contract high
3.41 1/2 — 10-day moving average
3.60 3/4 — 20-day moving average
3.85 1/2 — 40-day moving average
3.05 1/2 — the contract low
March Chicago wheat prices Friday closed firmer and near mid-range and did score a mildly bullish “outside day” up on the daily bar chart. Prices also closed at a bullish weekly high close. However, prices are still trapped below a nine-month-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $4.71. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $5.50 a bushel. First resistance is seen at $5.25 and then at Friday’s high of $5.32 1/2. First support lies at $5.00 and then at Friday’s low of $4.89.
12.75 ——- the contract high
5.04 3/4 — 10-day moving average
5.27 1/4 — 20-day moving average
5.42 1/2 — 40-day moving average
4.71 ——– the contract low
March Kansas City wheat prices Friday closed firmer and near mid-range on more short covering in a bear market. Prices did score a mildly bullish “outside day” up on the daily bar chart and closed at a bullish weekly high close. The HRW bears still have the overall near-term technical advantage. The bulls’ next upside price objective is pushing and closing prices above solid resistance at the December high of $5.66 a bushel. The bears’ next downside objective is pushing and closing prices below major psychological support at $5.00. First resistance is seen at $5.50 and then at Friday’s high of $5.55 1/2. First support is seen at 5.25 and then at Friday’s low of $5.19.
12.75 ——– the contract high
5.30 3/4 — 10-day moving average
5.53 3/4 — 20-day moving average
5.72 1/2 — 40-day moving average
4.78 ——– the contract low
