JimWyckoff's Commentaries
March corn futures closed up 7 3/4 cents at $6.39 1/2 yesterday. Prices closed nearer the session high yesterday. Corn bulls and bears are back on a level near-term technical playing field. A bullish pennant pattern has formed on the daily bar chart. Corn bulls' next upside price breakout objective is to push and close prices above solid technical resistance at $6.50. The next downside price breakout objective for the bears is pushing and closing prices below psychological support at $6.00. First resistance for March corn is seen at yesterday's high of $6.42 and then at last week's high of $6.45 3/4. First support is seen at $6.35 and then at yesterday's low of $6.31.
Wyckoff's Market Rating: 5.0
Source: VantagePoint Intermarket Analysis Software
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March soybeans closed up 15 1/4 cents at $12.00 1/2 a bushel yesterday. Prices closed near the session high yesterday on a corrective bounce from solid losses Monday. Soybean bears still have the 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 last week's high of $12.31 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below technical support at the January low of $11.50. First resistance is seen at $12.10 and then at this week's high of $12.18 1/2. First support is seen at yesterday's low of $11.84 1/4 and then at $11.75.
Wyckoff's Market Rating: 4.5.
March soybean meal closed up $6.10 at $318.80 yesterday. Prices closed near the session high yesterday on a corrective bounce from Monday's solid losses. Bulls and bears are on a level near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week's high of $327.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $307.00. First resistance comes in at $320.00 and then at this week's high of $321.70. First support is seen at $315.00 and then at this week's low of $313.50.
Wyckoff's Market Rating: 5.0
March bean oil closed up 45 points at 50.70 cents yesterday. Prices closed nearer the session high yesterday and saw short covering in a bear market. Bean oil 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 last week's high of 52.00 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at 50.00 cents. First resistance is seen at yesterday's high of 50.81 cents and then at 51.00 cents. First support is seen at 50.50 cents and then at this week's low of 50.25 cents.
Wyckoff's Market Rating: 3.5
March Chicago SRW wheat closed up 21 1/2 cents at $6.66 1/4 yesterday. Prices closed near the session high yesterday, hit a fresh four-week high and closed at a bullish monthly high close yesterday. Talk of Russia imposing duties on its wheat exports boosted the wheat market yesterday. Bulls gained fresh upside near-term technical momentum yesterday. Wheat bulls and bears are back on a level near-term technical playing field. Bulls' next upside price breakout objective is to push and close Chicago SRW prices above solid technical resistance at the January high of $6.70 3/4 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at this week's low of $6.35 1/4. First resistance is seen at yesterday's high of $6.67 1/2 and then at $6.70 3/4. First support lies at $6.58 1/4 and then at
$6.50.
Wyckoff's Market Rating: 5.0.
March K.C. HRW wheat closed up 18 cents at $7.15 1/2 yesterday. Prices closed nearer the session high yesterday, hit a fresh four-week high and closed at a bullish monthly high close. Bulls and bears are 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 the January high of $7.31 1/2. The bears' next downside breakout objective is pushing and closing prices below solid technical support at $6.80. First resistance is seen at yesterday's high of $7.17 and then at $7.25. First support is seen at yesterday's low of $7.08 1/2 and then at $7.00.
Wyckoff's Market Rating: 5.0
March oats closed up 6 1/2 cents at $2.98 1/2 yesterday. Prices closed near the session high yesterday and saw short covering in a bear market. Oats bears still have the overall near- term technical advantage. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the contract low of $2.78 1/2. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at last week's high of $3.06 1/2. First support lies at $2.95 and then at yesterday's low of $2.90 1/4. First resistance is seen at $3.00 and then at $3.02.
Wyckoff's Market Rating: 3.0
