GRAINS: December corn futures closed down 5 3/4 cents at $4.38 1/4 Tuesday. Prices closed near the session low. Harvest pressure continues to be a major bearish weight on corn. Around 40% of the corn crop is now harvested, which means that the majority of the harvest-related hedge pressure in the futures market could lie just ahead. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $4.32. First resistance for December corn is seen at Tuesday’s high of $4.44 1/2 and then at last week’s high of $4.47 3/4. First support is seen at Tuesday’s low of $4.37 1/2 and then at $4.35. Wyckoff’s Market Rating: 1.0

November soybeans closed down 1 cent at $13.02 1/4 a bushel Tuesday. Prices closed near the session high and poked to a two-week high. Gains were limited by harvest pressure. Around 70% of the U.S. soybean crop is now in the bin. Soybean bulls and bears are on a level overall 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 October high of $13.05 3/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the October low of $12.61 3/4. First resistance is seen at $13.05 3/4 and then at $13.20. First support is seen at this week’s low of $12.88 1/2 and then at $12.80. Wyckoff’s Market Rating: 5.0.

December soybean meal closed up $0.40 at $416.10 Tuesday. Prices closed nearer the session high and hit a two-week high. Bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is to produce a close above solid technical resistance at the October high of $423.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $397.80. First resistance comes in at Tuesday’s high of $417.50 and then at $420.00. First support is seen at Tuesday’s low of $411.10 and then at $410.00. Wyckoff’s Market Rating: 5.0

December bean oil closed down 12 points at 41.52 cents Tuesday. Prices closed near mid-range. The bears 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 42.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 40.00 cents. First resistance is seen at Tuesday’s high of 41.80 cents and then at this week’s high of 42.09 cents. First support is seen at Tuesday’s low of 41.20 cents and then at 41.00 cents. Wyckoff’s Market Rating: 2.5

December Chicago SRW wheat closed up 1 cent at $7.00 3/4 Tuesday. Prices closed near mid-range. The wheat market bulls have the near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.25 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 $6.78 1/4. First resistance is seen at Tuesday’s high of $7.04 1/2 and then at this week’s high of $7.11 1/4. First support lies at this week’s low of $6.94 and then at $6.86. Wyckoff’s Market Rating: 6.0.

December HRW wheat closed up 4 1/4 cents at $7.65 1/2 Tuesday. Prices closed nearer the session high. The HRW wheat market bulls still have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the June high of $6.85. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at last week’s low of $7.42 1/4. First resistance is seen at this week’s high of $7.74 and then at $7.80. First support is seen at this week’s low of $7.54 1/2 and then at $7.50. Wyckoff’s Market Rating: 6.0

December oats closed up 4 3/4 cents at $3.41 1/4 Tuesday. Prices closed nearer the session high and hit a fresh seven-week high. Bulls have the near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.25. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.45. First support lies at $3.38 1/2 and then at $3.35. First resistance is seen at Tuesday’s high of $3.42 1/2 and then at $3.45. Wyckoff’s Market Rating: 5.5