December corn futures were down 1 1/4 cents at 7.36 3/4 in late trading yesterday. Prices were near mid-range. The key “outside markets” were bearish for corn as the U.S. dollar index was higher and crude oil prices were lower. Prices are in a choppy and sideways trading range and the bulls have the slight near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the October high of $7.76. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $7.05. First resistance for December corn is seen at yesterday’s high of $7.46 and then at $7.50. First support is seen at yesterday’s low of $7.32 1/2 and then at $7.25. Wyckoff’s Market Rating: 5.5
January soybeans were down 31 3/4 cents at $15.32 1/4 a bushel in late trading yesterday. Prices were nearer the session low. The key “outside markets” were bearish for beans yesterday as the U.S. dollar index was higher and crude oil prices were lower. Some beneficial rains in South American growing regions helped to pressure soybeans yesterday. The soybean bears gained the slight near-term technical advantage yesterday. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above solid technical resistance at last week’s high of $15.77 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below major psychological support at $15.00. First resistance is seen at $15.50 and then at yesterday’s high of $15.63 1/2. First support is seen at yesterday’s low of $15.26 1/4 and then at $15.06. Wyckoff’s Market Rating: 4.5.
December soybean meal was down $9.60 at $473.80 in late trading yesterday. Prices were nearer the session low. Meal bulls and bears are on a level near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $484.60. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $450.20. First resistance comes in at $475.00 and then at $480.00. First support is seen at $470.00 and then at $465.90. Wyckoff’s Market Rating: 5.0
December bean oil was down 66 points at 50.30 cents in late trading yesterday. Prices were nearer the session low. Bean oil bears have the solid 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 52.50 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the October low of 49.41 cents. First resistance is seen at 50.50 cents and then at 51.00 cents. First support is seen at 50.00 cents and then at 49.41 cents. Wyckoff’s Market Rating: 2.0
December Chicago SRW wheat was down 4 1/4 cents at $8.59 1/2 in late trading yesterday. Prices were near the session low. The key “outside markets” were bearish for wheat yesterday as the U.S. dollar index was higher and crude oil prices were lower. Wheat bulls still have the slight overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $9.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the October low of $8.40 1/4. First resistance is seen at yesterday’s high of $8.71 1/4 and then at $8.80. First support lies at $8.50 and then at $8.40 1/4. Wyckoff’s Market Rating: 5.5.
December K.C. HRW wheat was down 4 1/2 cents at $9.04 3/4 in late trading yesterday. Prices were nearer the session low. The HRW 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 October high of $9.29 3/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the September low of $8.72 1/2. First resistance is seen at yesterday’s high of $9.16 3/4 and then at $9.25. First support is seen at $9.00 and then at $8.90. Wyckoff’s Market Rating: 6.0
December oats were down 2 cents at $3.87 3/4 yesterday in late trading. Prices were near mid-range. Oats bulls still have the overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.75. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October high of $4.04 1/2. First support lies at yesterday’s low of $3.85 3/4 and then at $3.83. First resistance is seen at $3.91 and then at $3.95. Wyckoff’s Market Rating: 6.5
