Grain Market Analysis from Jim Wyckoff

Soy Complex, Grain Futures

 

By Jim Wyckoff

 

 

November soybeans on Friday closed higher, nearer the session high and closed at a bullish weekly high close. Bulls have regained the near-term technical advantage. The next upside price objective for the bean bulls is to push and close November prices above solid technical resistance at the August high of $10.66 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 $9.83 a bushel. First resistance for November soybeans is seen at Friday’s high of $10.17 1/2 and then at $10.30. First support is seen at $10.00 and then at Friday’s low of $9.91.

 

$15.57 1/2 — the contract high
$9.81 1/4 — 10-day moving average
$10.04 —— 20-day moving average
$9.62 1/2 — 40-day moving average
$6.70 ——- the contract low

 

 

December soybean meal on Friday closed higher, near the session high and closed at a bullish weekly high close. Prices also set a fresh three-week high on Friday. Bulls have regained the near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at the August high of $320.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $292.50. First resistance comes in at $310.00 and then at $315.00. First support is seen at $305.00 and then at $300.00.

 

$399.00 — contract high
$292.50 — 10-day moving average
$301.30 — 20-day moving average
$292.00 — 40-day moving average
$203.30 — the contract low

 

 

December soybean oil on Friday closed lower and nearer the session low. Prices also closed at a bearish weekly low close. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the August high of 39.70 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at the August low of 36.00 cents. First resistance is seen at 37.00 cents and then at 37.50 cents. First support is seen at Friday’s low of 36.53 cents and then at 36.25 cents.

 

70.00 — the contract high
36.86 — 10-day moving average
37.48 — 20-day moving average
36.05 — 40-day moving average
30.00 — the contract low

 

 

December corn on Friday closed slightly lower and near mid-range. The corn bears still have the near-term technical advantage at present. The corn bulls’ next upside price objective is to push prices above solid technical resistance at $3.50 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at the August low of $3.11 1/2 a bushel. First resistance for December corn is seen at Friday’s high of $3.32 1/2 and then at last week’s high of $3.37 1/2. First support is seen at $3.25 and then at last week’s low of $3.20 3/4.

 

$7.07 ——– the contract high
$3.26 3/4 —- 10-day moving average
$3.34 1/4 —- 20-day moving average
$3.34 1/2 —- 40-day moving average
$3.02 ——- the contract low

 

 

December Chicago wheat on Friday closed lower and near mid-range. Prices also closed at a bearish weekly low close. Wheat bears still have the solid overall near-term technical advantage. Prices are still in an three-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 $4.85 3/4. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at the July low of $5.32 3/4 a bushel. First resistance is seen at $5.00 and then at Friday’s high of $5.09 1/2. First support lies at the contract low of $4.85 3/4 and then at $4.75.

 

$11.50 1/2 — the contract high
$4.97 3/4 — 10-day moving average
$5.14 3/4 — 20-day moving average
$5.33 3/4 — 40-day moving average
$4.85 1/2 — the contract low

 

 

December KCBT wheat on Friday closed lower and nearer the session low. Prices also closed at a bearish weekly low close. Bears still have the solid near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing prices above solid technical resistance at $5.60. The bears’ next downside objective is pushing and closing prices below major psychological support at $5.00. First resistance is seen at Friday’s high of $5.30 and then at last week’s high of $5.39. First support is seen at last week’s low of $5.12 and
then at $5.00.

 

$11.35 —— the contract high
$5.17 3/4 — 10-day moving average
$5.34 3/4 — 20-day moving average
$5.53 3/4 — 40-day moving average
$5.04 ——- the contract low