GRAINS: March corn futures closed up 7 cents at $3.87 1/4 today. Prices closed nearer the session high. Bulls and bears are on a level near-term technical playing field but the bulls regained some momentum today. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the November low of $3.71 1/2. The next upside price breakout objective for the bulls is pushing and closing prices above solid resistance at the November high of $4.01 1/4. First resistance for December corn is seen at today’s high of $3.88 and then at $3.90. First support is seen at $3.85 and then at $3.80. Wyckoff’s Market Rating: 5.0
January soybeans closed up 17 1/4 cents at $10.51 a bushel today. Prices closed nearer the session high today. Bulls today regained the slight near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid resistance at the November high of $10.86 1/4 a bushel. The next downside price breakout objective for the bears is pushing prices below major technical support at $10.00. First resistance is seen at today’s high of $10.54 and then at the October high of $10.59 1/4. First support is seen at $10.40 and then at today’s low of $10.33. Wyckoff’s Market Rating: 5.5
March soybean meal closed up $8.60 at $358.40 today. Prices closed nearer the session high. Bulls today regained the slight near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $370.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $339.90. First resistance comes in at today’s high of $359.20 and then at $365.00. First support is seen at $355.00 and then at $350.00. Wyckoff’s Market Rating: 5.5
March bean oil closed up 21 points at 33.79 cents today. Prices closed nearer the session high and hit a three-week high today. Short covering in a bear market was featured. Bears still 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 September high of 34.36 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 32.13 cents. First resistance is seen at 34.00 cents and then 34.25 cents. First support is seen at today’s low of 33.36 cents and then at 33.00 cents. Wyckoff’s Market Rating: 2.5
March Chicago SRW wheat closed up 8 1/4 cents at $5.57 3/4 today. Prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart. The wheat bulls have the near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the November high of $5.67 1/2. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $5.36. First resistance is seen at today’s high of $5.59 1/2 and then at $5.67 1/2. First support lies at $5.50 and then at today’s low of $5.46. Wyckoff’s Market Rating: 6.0
March HRW wheat closed up 13 1/4 cents at $6.19 today. Prices closed nearer the session high and hit a 2.5-month high today. Bulls and bears are now back on a level near-term technical playing field. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.50. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at last week’s low of $5.84 1/4. First resistance is seen at today’s high of $6.21 and then at $6.25. First support is seen at $6.10 and then at today’s low of $6.03 1/2. Wyckoff’s Market Rating: 5.0
March oats closed down 3 cents at $3.09 today. Prices closed nearer the session high after hitting a 10-month low today. Bears have the solid near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at today’s low of $2.98 1/4. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at this week’s high of $3.13. First support lies at $3.05 and then at $3.00. First resistance is seen at today’s high of $3.13 and then at $3.15. Wyckoff’s Market Rating: 1.5
