GRAINS: July corn futures closed up 9 1/4 cents at $6.66 1/2 Tuesday. Prices closed nearer the session high and closed at a fresh two-month high close. Very soggy weather in the U.S. Corn Belt and more of the same in the forecast were bullish for corn Tuesday. Planting delays and replanting of corn due to flooded fields were bullish factors for prices Tuesday. The corn bulls have gained upside near-term technical momentum. Bulls have regained the slight near-term technical advantage. 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. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $6.40. First resistance for July corn is seen at last week’s high of $6.69 3/4 and then at $6.76. First support is seen at $6.60 and then at Tuesday’s low of $6.55. Wyckoff’s Market Rating: 5.5
July soybeans closed up 33 cents at $15.09 1/4 a bushel Tuesday. Prices closed nearer the session high and closed at a fresh eight-month high close yesterday. Very wet fields in the U.S. Corn Belt, and more wet weather in the forecast, will now delay soybean planting. A tight U.S. cash soybean market is also bullish for soybeans. The soybean market bulls have the solid overall near-term technical advantage and have quickly regained upside momentum. Prices are in a steep five-week-old uptrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at last week’s high of $15.46 3/4 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $14.50. First resistance is seen at Tuesday’s high of $15.28 1/2 and then at $15.46 3/4. First support is seen at $15.00 and then at Tuesday’s low of $14.72 1/2. Wyckoff’s Market Rating: 7.5.
July soybean meal closed up $14.10 at $442.30 Tuesday. Prices closed nearer the session high and closed at a fresh eight-month high close. The meal bulls have the solid near-term technical advantage and quickly regained upside momentum Tuesday. Prices are in a choppy five-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $451.40. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $424.70. First resistance comes in at $445.00 and then at Tuesday’s high of $447.40. First support is seen at $440.00 and then at $437.50. Wyckoff’s Market Rating: 7.0
July bean oil closed up 30 points at 49.54 cents Tuesday. Prices closed near mid-range. Short covering in a bear market was featured. 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 50.61 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the May low of 48.30 cents. First resistance is seen at 50.00 cents and then at 50.23 cents. First support is seen at Tuesday’s low of 49.25 cents and then at 49.00 cents. Wyckoff’s Market Rating: 3.0
July Chicago SRW wheat closed down 3 3/4 cents at $6.93 3/4 Tuesday. Prices closed near mid-range. The stronger U.S. dollar index Tuesday was bearish for wheat. The wheat market bears have the solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.20 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the May low of $6.74. First resistance is seen at $7.00 and then at Tuesday’s high of $7.05. First support lies at Tuesday’s low of $6.87 3/4 and then at $6.80. Wyckoff’s Market Rating: 2.5.
July HRW wheat closed down 2 1/4 cents at $7.43 1/2 Tuesday. Prices closed near mid-range. The HRW wheat market bears still have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.73 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the April low of $7.11 1/2. First resistance is seen at $7.50 and then at $7.55. First support is seen at Tuesday’s low of $7.35 1/2 and then at last week’s low of $7.31 1/2. Wyckoff’s Market Rating: 2.5
July oats closed up 1 1/4 cents at $3.66 1/4 Tuesday. Prices closed near mid-range. Oats bears still have the slight overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the April low of $3.48. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.75. First support lies at Tuesday’s low of $3.62 1/2 and then at $3.60. First resistance is seen at Tuesday’s high of $3.68 1/2 and then at $3.72 1/4. Wyckoff’s Market Rating: 4.5
