GRAINS: December corn futures closed up 30 1/2 cents at $5.00 1/2 Monday. Prices closed nearer the session high and hit a fresh five-week high as scorching temperatures have enveloped the western Corn Belt, which was already in dire need of rainfall. Very little rain is expected in the region in the next week. Corn yield potential will suffer in the coming week. A prices downtrend has been negated recently and a fledgling price uptrend is now in place on the daily bar chart. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $5.25. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $4.80. First resistance for December corn is seen at Monday’s high of $5.08 1/4 and then at $5.12. First support is seen at $4.95 and then at $4.90. Wyckoff’s Market Rating: 4.5
November soybeans closed up 61 1/2 cents at $13.89 1/2 a bushel Monday. Prices closed nearer the session high and hit a fresh 11.5-month high. Searing heat in the western Corn Belt, with little or no rain in the forecast for the region, will damage soybean yield potential in the next week. Soybean bulls have the strong overall near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the contract high of $14.09 3/4 a bushel, scored in September of last year. The next downside price breakout objective for the bears is pushing prices below solid technical support at $13.31 1/2, which is the bottom of Monday’s big upside price gap on the daily bar chart. First support is seen at $13.75 and then at $13.60. First resistance is seen at Monday’s high of $13.98 and then at $14.00. Wyckoff’s Market Rating: 8.5.
December soybean meal closed up $17.20 at $436.70 Monday. Prices closed near mid-range and hit another fresh contract high. The meal bulls still have the strong overall near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at $450.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $420.30, which is the bottom of Monday’s big upside price gap on the daily bar chart. First resistance comes in at Monday’s contract high of $441.90 and then at $445.00. First support is seen at $430.00 and then at Monday’s low of $427.00. Wyckoff’s Market Rating: 8.5
December bean oil closed up 188 points at 44.88 cents Monday. Prices closed nearer the session high and hit a fresh five-week high as bulls quickly gained upside near-term technical momentum. The bulls and bears are now back on a level near-term technical playing field but the bulls have momentum on their side. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the July high of 46.53 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at last week’s low of 42.67 cents. First resistance is seen at Monday’s high of 45.32 cents and then at 45.75 cents. First support is seen at 44.50 cents and then at 44.25 cents. Wyckoff’s Market Rating: 5.0
December Chicago SRW wheat closed up 20 3/4 cents at $6.66 3/4 Monday. Prices closed nearer the session high and hit a fresh three-week high, on short covering and amid the big gains in corn and wheat futures. The wheat market bears still have the overall near-term technical advantage. However, if corn and soybeans continue to rally, wheat will follow to a degree. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the August high of $6.79 3/4 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the contract low of $6.35 1/2. First resistance is seen at $6.70 and then at Monday’s high of $6.76 1/2. First support lies at $6.58 and then at Monday’s low of $6.51 1/4. Wyckoff’s Market Rating: 2.0.
December HRW wheat closed up 16 cents at $7.13 1/4 Monday. Prices closed near mid-range and hit a fresh three-week high. The HRW wheat market 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 August high of $7.26. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.75. First resistance is seen at $7.20 and then at $7.26. First support is seen at Monday’s low of $7.01 3/4 and then at the contract low of $6.93. Wyckoff’s Market Rating: 2.0
December oats closed up 13 1/4 cents at $3.44 3/4 Monday. Prices closed nearer the session high and hit a fresh five-week high Monday. Bulls and bears are now back on a level near-term technical playing field. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at Monday’s low of $3.33. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.53 1/4. First support lies at $3.40 and then at $3.37. First resistance is seen at Monday’s high of $3.46 1/2 and then at $3.50. Wyckoff’s Market Rating: 5.0
