March corn futures last traded up 1/2 cent at 6.91 1/4 yesterday in late trading. Prices were near mid-range and did poke to a fresh six-month low yesterday. The key “outside markets” were in a bearish posture for the corn market yesterday as the U.S. dollar index was sharply higher and crude oil prices were slightly lower. There has been a lack of fresh, bullish fundamental news in the corn market to fuel the bears recently. Corn bears have the near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $7.15. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $6.75. First resistance for March corn is seen at $7.00 and then at this week’s high of $7.07 1/4. First support is seen at yesterday’s low of $6.85 and then at $6.80. Wyckoff’s Market Rating: 4.0

March soybeans were down 7 1/4 cents at $13.85 1/2 a bushel in late trading yesterday. Prices were near mid-range and hit a fresh six-week low yesterday. More Chinese cancellations of U.S. soybean purchases hit the soybean market yesterday. The key “outside markets” were also in a bearish posture for the bean market yesterday as the U.S. dollar index was sharply higher and crude oil prices were slightly lower. Soybean bears have the overall near-term technical advantage and have gained fresh downside momentum this week. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing January prices above solid technical resistance at $14.50 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $13.56. First resistance is seen at $14.00 and then at $14.10. First support is seen at yesterday’s low of $13.72 1/2 and then at $13.56. Wyckoff’s Market Rating: 3.0.

March soybean meal was down $1.20 at $404.50 yesterday in late trading. Prices were nearer the session high and did hit another fresh five-month low yesterday. Meal bears have the near-term technical advantage and gained more downside momentum this week. The next upside price breakout objective for the bulls is to produce a close above solid
technical resistance at $425.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the late-August low of $393.00. First resistance comes in at yesterday’s high of $407.30 and then at $410.00. First support is seen at $400.00 and then at yesterday’s low of $397.70. Wyckoff’s Market Rating: 2.5

March bean oil was down 30 points at 50.75 cents in late trading yesterday. Prices were nearer the session low and saw a corrective pullback from Wednesday’s big gains. News the fiscal cliff deal had a provision in it that extended alternative energy funding (bio-diesel) that uses soybean oil is bullish for this market. The bean oil bulls have gained near-term upside momentum this week. Bean oil bulls and bears are on a level near-term technical playing field. 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 this week’s low of 48.73 cents. First resistance is seen at 51.00 cents and then at this week’s high of 51.37 cents. First support is seen at yesterday’s low of 50.55 cents and then at 50.00 cents. Wyckoff’s Market Rating: 5.0

March Chicago SRW wheat was down 1 1/2 cents at $7.53 3/4 in late trading yesterday. Prices were near mid-range yesterday and hit another fresh 6.5-month low. The stronger U.S. dollar index yesterday was bearish for wheat. Wheat bears have the solid near-term technical advantage and have gained more downside momentum this week. A two-month-old downtrend is in place on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above major psychological resistance at $8.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $7.25. First resistance is seen at yesterday’s high of $7.61 1/4 and then at $7.75. First support lies at yesterday’s low of $7.49 3/4 and then at $7.40. Wyckoff’s Market Rating: 2.5.

March K.C. HRW wheat was up 7 cents at $8.18 in late trading yesterday. Prices were near the session high on short covering after hitting a fresh six-month low early on. HRW bears still have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $8.50. The bears’ next downside breakout objective 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. First support is seen at yesterday’s low of $8.09 1/2 and then at $8.00. Wyckoff’s Market Rating: 2.5

March oats were up 1 1/2 cents at $3.37 in late trading yesterday. Prices were nearer the session high and did hit another fresh six-month low yesterday. Oats bears have the near-term technical advantage. Bears’ next downside price
breakout objective is pushing and closing prices below solid technical support at $3.20. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.50. First support lies at $3.35 and then at yesterday’s low of $3.30 3/4. First resistance is seen at yesterday’s high of $3.40 1/4 and then at $3.45. Wyckoff’s Market Rating: 3.0