GRAINS: March corn futures closed down 1 3/4 cents at $4.25 Wednesday. Prices closed nearer the session low. Corn bears are in firm overall near-term technical control. Prices are in a 3.5-month-old downtrend on the daily bar chart. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the December high of $4.40 3/4. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the recent contract low of $4.18 1/2. First resistance for March corn is seen at $4.30 and then at $4.35. First support is seen at today’s low of $4.23 and then at this week’s low of $4.20 1/2. Wyckoff’s Market Rating: 1.5
January soybeans closed down 22 1/2 cents at $13.24 a bushel Wednesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. Profit taking was featured after prices closed at a three-month high close Tuesday. Prices are still in a choppy six-week-old uptrend on the daily bar chart, but now just barely. Soybean bulls still have the 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 December high of $13.53 1/2 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the December low of $13.11 1/4. First resistance is seen at $13.40 and then at $13.50. First support is seen at this week’s low of $13.19 and then at $13.11 1/4. Wyckoff’s Market Rating: 6.0
March soybean meal closed down $8.90 at $427.70 Wednesday. Prices closed near the session low on profit taking after hitting a contract high early on today. Bulls still have the near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. 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 $420.00. First resistance comes in at $431.70 and then at $435.00. First support is seen at today’s low of $427.30 and then at $425.00. Wyckoff’s Market Rating: 7.0
March bean oil closed down 25 points at 39.38 cents Wednesday. Prices closed nearer the session low and hit another fresh contract 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 December high of 41.45 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 39.00 cents. First resistance is seen at today’s high of 39.79 cents and then at 40.00 cents. First support is seen at today’s contract low of 39.28 cents and then at 39.00 cents. Wyckoff’s Market Rating: 1.0
March Chicago SRW wheat closed down 7 cents at $6.12 3/4 Wednesday. Prices closed near the session low and hit another fresh contract low. The bears have the strong near-term technical advantage. However, the market is now well oversold on a short-term technical basis. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.35 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.00. First resistance is seen at today’s high of $6.19 1/4 and then at $6.25. First support lies at today’s contract low of $6.12 1/4 and then at $6.00. Wyckoff’s Market Rating: 1.0
March HRW wheat closed down 6 3/4 cents at $6.53 3/4 Wednesday. Prices closed near the session low and hit another fresh contract low. The HRW wheat market bears have the strong overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.75. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.25. First resistance is seen at today’s high of $6.60 1/4 and then at $6.68 3/4. First support is seen at today’s contract low of $6.53 and then at $6.50. Wyckoff’s Market Rating: 1.0
March oats closed down 1/4 cent at $3.54 1/2 Wednesday. Prices closed near the session high. Bulls have the overall near-term technical advantage. Prices are in a 2.5- month-old uptrend on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.35. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the August high of $3.59. First support lies at $3.50 and then at today’s low of $3.48 1/2. First resistance is seen at this week’s high of $3.55 1/4 and then at $3.59. Wyckoff’s Market Rating: 7.0
