JULY CORN FUTURES

July corn futures closed up the 40-cent limit at $6.59 3/4 Monday. Prices hit a fresh four-week high as the first major “weather market” of the U.S. planting and growing season has been uncorked. A drier extended weather forecast for the U.S. Corn Belt on Friday turned to a wetter weather outlook come Monday morning. Now, there are likely to be serious corn-planting delays in the Corn Belt. The key outside markets were also bullish for the corn market Monday as the U.S. dollar index was lower and crude oil prices were higher. The corn market bulls and bears are now back on a level near-term technical playing field, but the bulls have upside momentum on their side. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $6.76, which is the top of a big downside price gap on the daily bar chart, created in late March. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at Monday’s low of $6.25. First resistance for July corn is seen at $6.65 and then at $6.70. First support is seen at $6.55 and then at $6.50. Wyckoff’s Market Rating: 5.0

JULY SOYBEANS

July soybeans closed up 27 3/4 cents at $14.08 3/4 a bushel Monday. Prices closed nearer the session high and hit a fresh four-week high on heavy short covering and bargain hunting. The key outside markets were also bullish for the soybean market Monday as the U.S. dollar index was lower and crude oil prices were higher. The soybean market bulls and bears are now back on a level near-term technical playing field. The limit gains in corn helped to propel soybeans higher Monday, as did scant farmer selling of soybeans in the U.S. cash market. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the late-March high of $14.36 1/4 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $13.75. First resistance is seen at Monday’s high of $14.10 3/4 and then at $14.20. First support is seen at $14.00 and then at $13.85. Wyckoff’s Market Rating: 5.0.

JULY SOYBEAN MEAL

July soybean meal closed up $11.70 at $416.40 Monday. Prices closed nearer the session high and hit a fresh four-week high. Heavy short covering and bargain hunting were featured. The meal bulls have regained the slight near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the late-March high of $421.90. 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 Monday’s high of $417.40 and then at $420.00. First support is seen at $415.00 and then at $412.50. Wyckoff’s Market Rating: 5.5

JULY SOYBEAN OIL

July bean oil closed down 3 points at 49.51 cents Monday. Prices closed near mid-range. The key “outside markets” were in a bullish posture for bean oil Monday, and other grain markets rallied sharply. Bean oil lagged, which is a bearish clue for bean oil. 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 last week’s high of 50.23 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at last week’s contract low of 48.08 cents. First resistance is seen at Monday’s high of 49.89 cents and then at 50.00 cents. First support is seen at Monday’s low of 49.05 cents and then at 48.85 cents. Wyckoff’s Market Rating: 3.0

JULY SRW WHEAT

July Chicago SRW wheat closed up 24 cents at $7.16 1/2 Monday. Prices closed nearer the session high on heavy short covering and bargain hunting. The key outside markets were bullish for the wheat market Monday as the U.S. dollar index was lower and crude oil prices were higher. The wheat bears still have the overall near-term technical advantage. However, the bulls gained upside momentum Monday to begin to suggest a market bottom is in place. Traders will closely monitor this week’s hard red winter wheat tour in the U.S. Plains states. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the April high of $7.20 1/2 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $6.87 3/4. First resistance is seen at $7.20 1/2 and then at $7.25. First support lies at $7.10 and then at $7.00. Wyckoff’s Market Rating: 3.5.

July HRW wheat closed up 25 1/4 cents at $7.75 3/4 Monday. Prices closed nearer the session high and hit another fresh four-week high. Heavy short covering and bargain hunting were featured. Also, there has been major freeze damage done to the HRW wheat crop in the U.S. Plains states. Traders are just now starting to grasp that bullish fundamental factor. HRW bears 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 March high of $7.83 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.50. First resistance is seen at $7.83 1/2 and then at $7.90. First support is seen at $7.64 1/2 and then at $7.50. Wyckoff’s Market Rating: 3.5

JULY OATS

July oats closed up 6 3/4 cents at $3.90 3/4 Monday. Prices closed near mid-range and did hit a fresh four-week high. Oats bulls 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 yesterday’s high of $4.00. First support lies at $3.88 and then at $3.85. First resistance is seen at $3.93 and then at $3.95. Wyckoff’s Market Rating: 7.0