Grain Market Analysis

December corn futures were down 2 1/4 cents at $7.98 1/2 in late trading yesterday. Prices were near mid-range and mildly pressured by profit-taking and worries about demand destruction at higher price levels. Focus is now less on the supply and more on what record high prices have done to demand for corn. The corn bulls still have the solid overall near-term technical advantage. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at the contract high of $8.49. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the last "reaction low" on the daily chart, at $7.86. First resistance for December corn is seen at this week's high of $8.18 and then at $8.25. First support is yesterday's low of $7.95 1/4 and then at $7.90.

Wyckoff's Market Rating: 8.0

November soybeans were up 7 cents at $17.25 3/4 a bushel in late trading yesterday. Prices were nearer the session high. Prices Monday hit a contract high. Soybean bulls have the solid overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above psychological resistance at $18.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $16.41. First resistance is seen at $17.34, at last week's high of $17.44 3/4 and then at Monday's contract high of $17.60 1/2. First support is seen at $17.00 and then at $16.91 1/2.

Wyckoff's Market Rating: 8.0.

December soybean meal was up $4.20 at $522.80 in late trading yesterday. Prices were nearer the session high. Prices Monday hit a contract high. Meal bulls have the overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $535.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $497.30. First resistance comes in at yesterday's high of $525.10, at last week's high of $527.90 and then at Monday's contract high of $531.90. First support is seen at $520.00 and then at $515.30 and then at yesterday's low of $513.30.

Wyckoff's Market Rating: 8.0

December bean oil was down 13 points at 56.43 cents in late trading yesterday. Prices were near mid-range and saw some profit taking after hitting a 4.5-month high on Monday. Bean oil bulls still have the overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the April high of 58.45 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 54.50 cents. First resistance is seen at yesterday's high of 56.88 cents and then at 57.00 cents. First support is seen at yesterday's low of 55.98 cents and then at 55.67 cents.

Wyckoff's Market Rating: 6.5

December Chicago SRW wheat was down 4 cents at $8.77 1/4 in late trading yesterday. Prices were near mid-range. More profit taking was featured yesterday. Wheat bulls still have the overall near-term technical advantage. However, the choppiness and sideways trading at higher price levels, amid some higher volatility, is not bullish. Wheat bulls' next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the July high of $9.53 1/4 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the August low of $8.57 1/4. First resistance is seen at yesterday's high of $8.89 1/2 and then at $9.00. First support lies at yesterday's low of $8.71 1/4 and then at $8.57 1/4.

Wyckoff's Market Rating: 6.5.

December K.C. HRW wheat was down 3 1/2 cents at $8.95 in late trading yesterday. Prices were near mid-range on more profit taking. The bulls still have the overall near-term technical advantage. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at the July high of $9.57 1/4. The bears' next downside breakout objective is pushing and closing prices below solid technical support at the August low of $8.74 1/4. First resistance is seen at yesterday's high of $9.04 and then at this week's high of $9.14 1/2. First support is seen at yesterday's low of $8.87 3/4 and then at $8.74 1/4.

Wyckoff's Market Rating: 6.5

December oats were down 4 cents at $3.83 yesterday in late trading. Prices were near mid-range and saw more profit taking. Oats bulls still have the overall near-term technical advantage and are following the major grains. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at $3.65. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at last week's high of $4.00. First support lies at this week's low of $3.80 and then at $3.75. First resistance is seen at yesterday's high of $3.86 1/2 and then at $3.90.

Wyckoff's Market Rating: 8.0

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