GRAINS: May corn futures closed down 2 3/4 cents at $7.30 1/2 Tuesday. Prices closed nearer the session high. Prices are hovering near a seven-week high. A stronger U.S. dollar index did limit buying interest in corn Tuesday, as did position evening. Traders are awaiting Thursday morning’s USDA prospective plantings report and USDA quarterly grain stocks report. The plantings report is one of the most important USDA reports of the year for the grain markets. Corn 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 February high of $7.47 1/2. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $7.10. First resistance for May corn is seen at last week’s high of $7.34 1/2 and then at $7.40. First support is seen at Tuesday’s low of $7.25 1/2 and then at this week’s low of $7.21 1/2. Wyckoff’s Market Rating: 5.5
May soybeans closed up 9 3/4 cents at $14.47 a bushel Tuesday. Prices closed nearer the session high. Short covering and position evening was featured. Traders are awaiting Thursday morning’s USDA prospective plantings report and USDA quarterly grain stocks report. The plantings report is one of the most important USDA reports of the year for the grain markets. Soybean bulls and bears are on a level near-term technical playing field. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the March high of $14.84 3/4 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $14.00. First resistance is seen at last week’s high of $14.51 1/2 and then at $14.60. First support is seen at Tuesday’s low of $14.34 and then at this week’s low of $14.30 1/2. Wyckoff’s Market Rating: 5.0.
May soybean meal closed up $2.40 at $420.40 Tuesday. Prices closed nearer the session high. The bulls and bears are back 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 $430.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the February low of $402.10. First resistance comes in at Tuesday’s high of $420.70 and then at this week’s high of $421.70. First support is seen at Tuesday’s low of $417.20 and then at this week’s low of $415.90. Wyckoff’s Market Rating: 5.0
May bean oil closed up 38 points at 50.82 cents Tuesday. Prices closed nearer the session high and hit a fresh four-week high on more short covering. Bean oil bulls gained upside technical momentum yesterday and are now back on a level near-term technical playing field with the bears. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 52.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 50.00 cents. First resistance is seen at yesterday’s high of 50.92 cents and then at 51.25 cents. First support is seen at 50.61 cents and then at 50.50 cents. Wyckoff’s Market Rating: 5.0
May Chicago SRW wheat closed up 4 1/4 cents at $7.31 1/2 Tuesday. Prices closed nearer the session high on short covering. Traders are awaiting Thursday morning’s USDA prospective plantings report and USDA quarterly grain stocks report. The plantings report is one of the most important USDA reports of the year for the grain markets. While the wheat bears still have the overall near-term technical advantage, the bulls have gained a bit of upside near-term momentum recently, to begin to suggest a market low is in place. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.50 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $7.00. First resistance is seen at Tuesday’s high of $7.32 3/4 and then at last week’s high of $7.36 3/4. First support lies at this week’s low of $7.22 1/2 and then at $7.15 1/2. Wyckoff’s Market Rating: 3.0.
May HRW wheat closed up 9 1/2 cents at $7.68 1/2 Tuesday. Prices closed near the session high and hit a fresh four-week high. Short covering was featured. HRW bears have the overall near-term technical advantage. However, the bulls have gained some upside near-term technical momentum recently. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $8.00. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the March low of $7.23. First resistance is seen at Tuesday’s high of $7.69 and then at $7.75. First support is seen at Tuesday’s low of $7.56 1/4 and then at $7.50. Wyckoff’s Market Rating: 3.0
May oats closed down 1 1/4 cents at $3.99 3/4 Tuesday. Prices closed near mid-range and saw mild profit taking. Oats bulls still have the solid overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.85. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the contract high of $4.05. First support lies at Tuesday’s low of $3.97 and then at $3.95. First resistance is seen at Tuesday’s high of $4.02 3/4 and then at $4.05. Wyckoff’s Market Rating: 7.5
