GRAINS: December corn futures closed down 3/4 cent at $4.42 3/4 Wednesday. Prices closed near mid-range. Selling interest was limited by reports of a big U.S. corn sale to China this week. The lack of information coming from USDA should soon come to an end as the U.S. government is now set to reopen. 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 $4.25. First resistance for December corn is seen at Wednesday’s high of $4.46 and then at $4.50. First support is seen at Wednesday’s low of $4.39 and then at $4.36. Wyckoff’s Market Rating: 1.5

November soybeans closed up 9 1/2 cents at $12.76 1/2 a bushel Wednesday. Prices closed nearer the session high on short covering. Harvest progress in the U.S. Corn Belt has been delayed a bit this week due to rains and that was a bit bullish for beans Wednesday. However, soybean bears still have the overall near-term technical advantage. Prices are in a seven-week-old downtrend 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 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 $12.50. First support is seen at this week’s low of $12.61 3/4 and then at $12.50. First resistance is seen at this week’s high of $12.80 and then at $12.90. Wyckoff’s Market Rating: 4.0.

December soybean meal closed up $1.40 at $403.80 Wednesday. Prices closed nearer the session high on short covering. Prices are still in a four-week-old downtrend on the daily bar chart. The meal bears have the near-term technical advantage. 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 Wednesday’s high of $405.20 and then at Tuesday’s high of $407.90. First support is seen at Wednesday’s low of $401.00 and then at $400.00. Wyckoff’s Market Rating: 4.0

December bean oil closed up 71 points at 41.37 cents Wednesday. Prices closed nearer the session high Wednesday and hit a two-week high. More short covering in a bear market was featured. The 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 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 Wednesday’s high of 41.74 cents and then at 42.00 cents. First support is seen at 41.00 cents and then at Wednesday’s low of 40.61 cents. Wyckoff’s Market Rating: 3.0

December Chicago SRW wheat closed down 4 1/4 cents at $6.81 1/2 Wednesday. Prices closed nearer the session low and hit a two-week low Wednesday. The wheat market bulls still have the slight near-term technical advantage but are fading and need to show fresh power soon to keep it. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the October low of $6.72 1/2. First resistance is seen at Wednesday’s high of $6.88 and then at this week’s high of $6.96 1/2. First support lies at Wednesday’s low of $6.78 1/4 and then at $6.72 1/2. Wyckoff’s Market Rating: 5.5.

December HRW wheat closed down 11 1/2 cents at $7.44 3/4 Wednesday. Prices closed nearer the session low and hit a two-week low. The HRW wheat market bulls still have the slight overall near-term technical advantage but faded Wednesday and need to show fresh power soon. A potentially bullish pennant or flag pattern on the daily bar chart was negated Wednesday. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October high of $7.64 3/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.25. First resistance is seen at $7.50 and then at Wednesday’s high of $7.58. First support is seen at Wednesday’s low of $7.42 1/4 and then at $7.35. Wyckoff’s Market Rating: 5.5

December oats closed up 5 cents at $3.36 Wednesday. Prices closed nearer the session high and hit another fresh six-week high. Bulls and bears are now back on a level near-term technical playing field but the bulls have upside momentum. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.15. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.45. First support lies at $3.31 3/4 and then at Wednesday’s low of $3.27 1/4. First resistance is seen at Wednesday’s high of $3.38 1/2 and then at $3.40. Wyckoff’s Market Rating: 5.0