March corn futures were down 7 cents at 7.23 3/4 in late trading yesterday. Prices were nearer the session low. Recent slack U.S. export demand has hurt the bullish camp. Corn bears have the slight near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $7.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $7.14 1/4. First resistance for March corn is seen at $7.30 and then at $7.35. First support is seen at the November low of $7.14 1/4 and then at $7.10. Wyckoff’s Market Rating: 4.5

January soybeans were up 5 1/2 cents at $15.01 1/2 a bushel in late trading yesterday. Prices were near mid-range and hit a fresh five-week high yesterday. The key “outside markets” were mildly bullish for the soybean market yesterday, as the U.S. dollar index was slightly lower and crude oil prices were modestly higher. Soybean bulls now have the slight near-term technical advantage and have gained upside momentum as a four-week-old uptrend is in place on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing January prices above solid technical resistance at $15.50 a bushel. The next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at $14.50. First resistance is seen at yesterday’s high of $15.08 3/4 and then at $15.25. First support is seen at yesterday’s low of $14.92 1/2 and then at $14.75. Wyckoff’s Market Rating: 5.5.

March soybean meal was up $0.50 at $454.10 in late trading yesterday. Prices were near mid-range and hit a fresh five-week high. Meal bulls have gained upside near-term technical momentum and have the slight near-term technical advantage. A four-week-old uptrend line is in place on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the November high of $471.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $431.30. First resistance comes in at yesterday’s high of $457.90 and then at $460.00. First support is seen at $450.00 and then at $448.00. Wyckoff’s Market Rating: 5.5

March bean oil was down 19 points at 50.23 cents in late trading yesterday. Prices were near mid-range. The bean oil 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 the December high of 51.85 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 49.00 cents. First resistance is seen at yesterday’s high of 50.75 cents and then at 51.00 cents. First support is seen at yesterday’s low of 49.87 cents and then at last week’s low of 49.37 cents. Wyckoff’s Market Rating: 3.0

March Chicago SRW wheat was down 4 3/4 cents at $8.09 1/2 in late trading yesterday. Prices were nearer the session low. Prices last week hit a 5.5-month low. Wheat bears have the near-term technical advantage as a five-week-old downtrend is in place on the daily bar chart. The recent pause at lower price levels is not bullish. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the November low of $8.45 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below psychological support at $8.00. First resistance is seen at yesterday’s high of $8.19 and then at $8.25 1/2. First support lies at $8.00 and then at $7.90. Wyckoff’s Market Rating: 4.0.

March K.C. HRW wheat was down 7 cents at $8.57 1/4 in late trading yesterday. Prices were nearer the session low and hit another fresh five-month low yesterday. HRW bears have downside momentum and have the overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above psychological resistance at $9.00. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $8.25. First resistance is seen at yesterday’s high of $8.67 1/4 and then at $8.75. First support is seen at yesterday’s low of $8.53 1/2 and then at $8.50. Wyckoff’s Market Rating: 4.0

March oats were down 1/2 cent at $3.89 1/4 yesterday in late trading. Prices were near mid-range. Oats bulls still have the overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.67 1/4. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October high of $4.05. First support lies at $3.85 and then at yesterday’s low of $3.82 1/2. First resistance is seen at last week’s high of $3.95 and then at $3.98. Wyckoff’s Market Rating: 7.0