November soybeans on Friday closed higher and nearer the session high. The bulls remain in technical command. However, seasonal factors are bearish for beans at this time of year. The next upside price objective for the bean bulls is to push and close November prices above major psychological resistance at $11.00 a bushel. The next downside price objective for the bears is pushing and closing prices below major psychological support at $10.00 a bushel. First resistance for November soybeans is seen at last week’s high of $10.49 3/4 and then at $10.60. First support is seen at Friday’s low of $10.20 and then at $10.00.
$15.57 1/2 — the contract high
$9.87 3/4 — 10-day moving average
$9.50 1/2 — 20-day moving average
$9.69 3/4 — 40-day moving average
$6.70 ——- the contract low
Source: VantagePoint Intermarket Analysis Software
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December soybean meal on Friday closed higher, near the session high and hit a fresh five-week high. Prices also closed at a bullish weekly high close. The bulls have fresh upside near-term technical momentum. A fresh three-week-old uptrend is 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 the June high of $341.80. The next downside price objective for the bears is pushing and closing prices below solid technical support at $300.00. First resistance comes in at Friday’s high of $320.00 and then at $325.00. First support is seen at $315.00 and then at Friday’s low of
$311.30.
$311.30.
$399.00 — contract high
$301.20 — 10-day moving average
$289.30 — 20-day moving average
$298.30 — 40-day moving average
$203.30 — the contract low
$301.20 — 10-day moving average
$289.30 — 20-day moving average
$298.30 — 40-day moving average
$203.30 — the contract low
December soybean oil on Friday closed weaker and near mid-range. The bulls do have the near-term technical advantage in soybean oil futures. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 40.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 36.00 cents. First resistance is seen at Friday’s high of 37.98 cents and then at last week’s high of 38.46 cents. First support is seen at 37.00 cents and then at 36.50 cents.
70.00 — the contract high
36.38 — 10-day moving average
35.69 — 20-day moving average
36.00 — 40-day moving average
30.00 — the contract low
36.38 — 10-day moving average
35.69 — 20-day moving average
36.00 — 40-day moving average
30.00 — the contract low
December corn on Friday closed solidly lower, near the session low and hit a fresh two-week low. Prices also closed at a bearish weekly low close on Friday. The corn bulls’ next upside price objective is to push prices above solid technical resistance at the August high of $3.76 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at the contract low of $3.14 3/4 a bushel. First resistance for December corn is seen at $3.30 and then at $3.35. First support is seen at Friday’s low of $3.26 and then at $3.20.
$7.07 ——– the contract high
$3.44 1/4 — 10-day moving average
$3.38 1/4 — 20-day moving average
$3.63 3/4 — 40-day moving average
$3.14 3/4 — the contract low
$3.44 1/4 — 10-day moving average
$3.38 1/4 — 20-day moving average
$3.63 3/4 — 40-day moving average
$3.14 3/4 — the contract low
December Chicago wheat on Friday closed solidly lower, near the session low and hit a fresh two-plus year low. Prices also closed at a bearish weekly low close on Friday. Wheat bears still have the solid overall near-term technical advantage. 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 July futures prices above solid technical resistance at the August high of $5.85 a bushel. First resistance is seen at Friday’s high of $5.32 1/4 and then at $5.40. First support lies at Friday’s low of $5.15 1/2 and then at $5.00.
$11.50 1/2 — the contract high
$5.47 3/4 —- 10-day moving average
$5.53 3/4 — 20-day moving average
$5.69 1/4 — 40-day moving average
$4.91 ——– the contract low
$5.47 3/4 —- 10-day moving average
$5.53 3/4 — 20-day moving average
$5.69 1/4 — 40-day moving average
$4.91 ——– the contract low
December KCBT wheat on Friday closed solidly lower, nearer the session low and closed at a bearish weekly low close. Prices also hit a fresh contract low. Bears still have the solid near-term technical advantage. The bulls’ next upside price objective is pushing prices above solid technical resistance at the August high of $6.03. The bears’ next downside objective is pushing and closing prices below solid technical support at $5.25. First resistance is seen at Friday’s high of $5.53 and then at $5.65. First support is seen at Friday’s contract low of
$5.40 and then at $5.25.
$11.35 —— the contract high
$5.69 3/4 — 10-day moving average
$5.74 ——- 20-day moving average
$5.92 3/4 — 40-day moving average
$4.40 ——– the contract low
$11.35 —— the contract high
$5.69 3/4 — 10-day moving average
$5.74 ——- 20-day moving average
$5.92 3/4 — 40-day moving average
$4.40 ——– the contract low
