March corn futures were up 1 1/4 cents at 7.51 in late trading yesterday. Prices were near mid-range and did hit a fresh two-week high yesterday. Gains in corn were limited at the key outside markets were in a mildly bearish posture for corn yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. The corn market bulls are regaining some upside near-term technical momentum as prices on Friday closed at a technically bullish weekly high close. Bulls now have the slight overall near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the November high of $7.63 1/4. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $7.08 3/4. First resistance for March corn is seen at yesterday’s high of $7.57 and then at $7.60. First support is seen at yesterday’s low of $7.46 and then at $7.40. Wyckoff’s Market Rating: 5.5
January soybeans were up 6 1/2 cents at $14.25 1/4 a bushel in late trading yesterday. Prices were near mid-range and did hit a fresh two-week high yesterday on short covering. Soybean bears still have the overall near-term technical advantage. However, the bulls have gained just a bit of upside near-term momentum as prices Friday closed at a technically bullish weekly high close. An 11-week-old downtrend is still in place on the daily bar chart, however. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing January prices above solid technical resistance at $14.50 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $13.72 1/4. First resistance is seen at yesterday’s high of $14.35 1/2 and then at $14.50. First support is seen at yesterday’s low of $14.16 3/4 and then at $14.00. Wyckoff’s Market Rating: 3.0.
March soybean meal was up $4.30 at $418.70 in late trading yesterday. Prices were nearer the session high on short covering. Meal bears still have the overall near-term technical advantage. A 10-week-old downtrend is still in place on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $435.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $400.00. First resistance comes in at last week’s high of $420.70 and then at $425.00. First support is seen at yesterday’s low of $413.10 and then at $410.00. Wyckoff’s Market Rating: 3.0
March bean oil was up 3 points at 49.77 cents in late trading yesterday. Prices were near the session low, but did hit a fresh three-week high early on. The key outside markets were in a mildly bearish posture for the bean oil market yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. The bulls have gained some upside technical momentum after prices Friday produced a technically bullish weekly high close. However, the bean oil bears 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 51.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the November low of 47.35 cents. First resistance is seen at 50.00 cents and then at yesterday’s high of 50.28 cents. First support is seen at 49.50 cents and then at 49.00 cents. Wyckoff’s Market Rating: 3.0
March Chicago SRW wheat was up 2 cents at $8.63 1/2 in late trading yesterday. Prices were near mid-range. The key outside markets were in a mildly bearish posture for the wheat market yesterday as the U.S. dollar index was firmer and crude oil prices were weaker. Wheat bulls and bears are on a level near-term technical playing field. 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 November low of $8.45. First resistance is seen at yesterday’s high of $8.69 and then at $8.75. First support lies at yesterday’s low of $8.58 1/4 and then at $8.50. Wyckoff’s Market Rating: 5.0.
March K.C. HRW wheat was up 8 1/2 cents at $9.04 in late trading yesterday. Prices were nearer the session high and scoring a bullish “outside day” up on the daily bar chart.HRW bulls have regained the slight near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $9.25. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the September low of $8.85. First resistance is seen at
yesterday’s high of $9.07 and then at $9.13 1/4. First support is seen at yesterday’s low of $8.93 and then at $8.85. Wyckoff’s Market Rating: 5.5
March oats were up 3/4 cents at $3.83 3/4 yesterday in late trading. Prices were nearer the session high. Oats bulls have the slight overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the November low of $3.62 1/2. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.00. First support lies at $3.80 and then at yesterday’s low of $3.76. First resistance is seen at $3.87 1/2 and then at last week’s high of $3.90 3/4. Wyckoff’s Market Rating: 5.5
