GRAINS: December corn futures closed down 4 1/2 cents at $3.25 3/4 Tuesday. Prices closed nearer the session low and set another contract and four-year low. Corn bears have the solid near-term technical advantage and their next downside price objective is to push and close prices below solid technical support at $3.15. The next upside price breakout objective for the bulls is pushing and closing prices above solid resistance at $3.40. First resistance for December corn is seen at this week’s high of $3.31 1/2 and then at $3.35. First support is seen at today’s contract low of $3.25 1/4 and then at $3.20. Wyckoff’s Market Rating: 1.0
November soybeans closed down 2 1/4 cents at $9.36 a bushel Tuesday. Prices closed nearer the session low and hit another contract low and four-year low today. The soybean bears have the strong overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. There are no early clues of a market bottom being close at hand. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $9.75 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $9.25. First resistance is seen at today’s high of $9.44 1/2 and then at $9.50. First support is seen at today’s contract low of $9.31 and then at $9.25. Wyckoff’s Market Rating: 1.0
December soybean meal closed down $2.20 at $308.30 Tuesday. Prices closed nearer the session low and hit another contract low today. The soybean meal bears have the strong overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $320.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $300.00. First resistance comes in at today’s high of $311.90 and then at this week’s high of $315.00. First support is seen at today’s contract low of $307.50 and then at $305.00. Wyckoff’s Market Rating: 1.0
December bean oil closed up 19 points at 32.31 cents Tuesday. Prices closed near mid-range. Short covering in a bear market was featured. The bean oil bears still 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 last week’s high of 33.83 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 31.52 cents. First resistance is seen at today’s high of 32.65 cents and then at 33.00 cents. First support is seen at this week’s low of 31.85 cents and then at 31.52 cents. Wyckoff’s Market Rating: 2.0
December Chicago SRW wheat closed down 1 1/4 cents at $4.75 1/2 Tuesday. Prices closed near mid-range and are hovering near the recent contract low. The wheat bears have the strong overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $5.00. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $4.50. First resistance is seen at this week’s high of $4.80 3/4 and then at $4.90. First support lies at Monday’s contract low of $4.69 1/2 and then at $4.60. Wyckoff’s Market Rating: 1.0
December HRW wheat closed up 1 1/2 cents at $5.61 3/4 Tuesday. Prices closed near the session high on tepid short covering. The wheat bears still have the strong overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.00. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $5.50. First resistance is seen at this week’s high of $5.65 1/4 and then at $5.70. First support is seen at today’s contract low of $5.53 1/2 and then at $5.50. Wyckoff’s Market Rating: 1.0
December oats closed down 4 1/2 cents at $3.32 Tuesday. Prices closed near the session low and hit a six-week low today. Bears have gained the 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 $3.43. First support lies at today’s low of $3.31 1/4 and then at $3.30. First resistance is seen at $3.35 and then at today’s high of $3.36 1/2. Wyckoff’s Market Rating: 4.0
