GRAINS: December corn futures closed down 5 1/2 cents at $3.71 1/4 Tuesday. Prices closed nearer the session low. The corn market bears are still in firm overall technical control. Updated Corn Belt extended weather forecasts show good growing weather up to at least mid-August. That was another bearish development for the grains today. A steep price downtrend remains in place on the daily bar chart. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $3.80. The next downside price breakout objective for the bears is pushing and closing prices below solid support at last week’s contract low of $3.64 1/4. First resistance for December corn is seen at this week’s high of $3.77 3/4 and then at $3.83. First support is seen at today’s low of $3.69 and then at $3.64 1/4. Wyckoff’s Market Rating: 1.5
November soybeans closed down 12 cents at $10.95 3/4 a bushel Tuesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart today. Updated Corn Belt extended weather forecasts show good growing weather up to at least mid-August. That was another very bearish development for soybeans today. The soybean bears have the firm 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 $11.18 3/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $10.75. First resistance is seen at $11.00 and then at $11.10. First support is seen at today’s low of $10.89 and then at $10.80. Wyckoff’s Market Rating: 2.0
December soybean meal closed down $2.80 at $354.50 Tuesday. Prices closed nearer the session low today and scored a bearish “outside day” down on the daily bar chart. The soybean meal bears have the overall near-term technical advantage. However, it still looks like a market bottom is in place. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the July high of $367.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $345.00. First resistance comes in at Monday’s high of $357.60 and then at today’s high of $360.20. First support is seen at today’s low of $351.20 and then at $350.00. Wyckoff’s Market Rating: 2.5
December bean oil closed down 25 points at 36.53 cents Tuesday. Prices closed nearer the session low. 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 today’s high of 37.36 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 35.50 cents. First resistance is seen at 36.75 cents and then at 37.00 cents. First support is seen at today’s low of 36.36 cents and then at 36.00 cents. Wyckoff’s Market Rating: 1.5
December Chicago SRW wheat closed down 14 cents at $5.43 3/4 Tuesday. Prices closed nearer the session low and hit a new contract low today. The wheat bears have the solid overall near-term technical advantage. Wheat will continue to generally follow the lead of corn and soybeans in the coming weeks. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at this week’s high of $5.64. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $5.25. First resistance is seen at $5.50 and then at today’s high of $5.58. First support lies at today’s contract low of $5.42 1/4 and then at $5.35. Wyckoff’s Market Rating: 1.0
December HRW wheat closed down 12 cents at $6.28 1/4 Tuesday. Prices closed near the session low and hit a new contract low today. The wheat bears have the solid overall near-term technical advantage. Prices are in an 11-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at this week’s high of $6.50. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the January low of $6.22. First resistance is seen at today’s high of $6.41 1/2 and then at $6.50. First support is seen at today’s low of $6.27 and then at $6.22. Wyckoff’s Market Rating: 1.0
December oats closed down 4 1/4 cents at $3.33 1/4 Tuesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. Bulls have the slight 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 the June high of $3.43 1/4. First support lies at today’s low of $3.31 1/2 and then at $3.30. First resistance is seen at $3.35 and then at today’s high of $3.38 1/2. Wyckoff’s Market Rating: 5.5
