March corn futures closed down 9 1/2 cents at $4.21 Monday. Prices closed near the session low and hit a fresh contract low. Corn was pressured in part by news last Friday that the U.S. Environmental Protection Agency has backed off on its requirement to use a certain amount of ethanol in fuels. Corn bears are in solid overall near-term technical control. 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 and psychological support at $4.00. First resistance for March corn is seen at $4.25 and then at today’s high of $4.30 3/4. First support is seen at today’s contract low of $4.20 1/2 and then at $4.15. Wyckoff’s Market Rating: 1.0
January soybeans closed up 7 1/4 cents at $12.87 3/4 a bushel Monday. Prices closed near the session high today on short covering. Soybean bulls have the slight 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 last week’s high of $13.21 1/2 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the November low of $12.47. First resistance is seen at today’s high of $12.90 and then at $13.00. First support is seen at today’s low of $12.76 1/2 and then at $12.70. Wyckoff’s Market Rating: 5.5
March soybean meal closed up $5.10 at $401.60 Monday. Prices closed nearer the session high on short covering. Bulls have the slight near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at the November high of $411.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $378.40. First resistance comes in at today’s high of $402.90 and then at $405.00. First support is seen at $396.00 and then at today’s low of $393.40. Wyckoff’s Market Rating: 5.5
March bean oil closed down 34 points at 40.78 cents Monday. Prices closed nearer the session low and hit a fresh six-week low today. The bean oil bears have the solid 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 the October high of 42.80 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the October low of 39.88 cents. First resistance is seen at 41.00 cents and then at today’s high of 41.38 cents. First support is seen at today’s low of 40.60 cents and then at 40.50 cents. Wyckoff’s Market Rating: 2.0
March Chicago SRW wheat closed down 2 cents at $6.52 1/2 Monday. Prices closed near the session low and hit a fresh two-month low. Wheat bears have the solid near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.75 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the September low of $6.47 3/4, which is the contract low. First resistance is seen at today’s high of $6.60 1/4 and then at $6.66. First support lies at today’s low of $6.52 and then at $6.50. Wyckoff’s Market Rating: 1.5
March HRW wheat closed down 3 3/4 cents at $6.96 1/2 Monday. Prices closed near the session low and hit a fresh two-month low today. The HRW wheat market bears have the solid near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.25. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the September low of $6.94 1/4, which is the contract low. First resistance is seen at today’s high of $7.06 and then at $7.10. First support is seen at $6.94 1/4 and then at $6.85. Wyckoff’s Market Rating: 1.5
March oats closed down 2 cents at $3.21 1/4 Monday. Prices closed nearer the session low. Bulls have the slight near-term technical advantage. Prices are in a gentle seven-week-old uptrend on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at the November low of $3.08 1/2. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.35. First support lies at today’s low of $3.20 and then at $3.17 1/2. First resistance is seen at last week’s high of $3.24 1/4 and then at $3.25. Wyckoff’s Market Rating: 5.5
