JimWyckoff's Commentaries
Jul
20
2009
Grain Commentary
by JimWyckoff
Overall Rating:
November soybeans on Friday closed solidly higher, nearer the session high and closed at a bullish weekly high close. Short covering in a market that is still overall near-term technically bearish was featured. Prices are still in a five-week-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close November prices above solid technical resistance at last week's high of $9.38 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the July low of $8.81 1/4 a bushel. First resistance for November soybeans is seen at Friday's high of $9.26 3/4 and then at $9.38. First support is seen at $9.13 and then at $9.00.
$15.57 1/2 --- the contract high
$9.13 -------- 10-day moving average
$9.55 1/2 --- 20-day moving average
$10.06 1/4 --- 40-day moving average
$6.70 -------- the contract low
$9.13 -------- 10-day moving average
$9.55 1/2 --- 20-day moving average
$10.06 1/4 --- 40-day moving average
$6.70 -------- the contract low
Source: VantagePoint Intermarket Analysis Software
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December soybean meal on Friday closed higher and near the session high. Short covering was featured. Bears still have the near-term technical advantage as a five-week-old downtrend is still in place on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week's high of $294.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $260.00. First resistance comes in at Friday's high of $280.90 and then at $285.00. First support is seen at $275.00 and then at $270.00.
$399.00 --- contract high
$283.10 --- 10-day moving average
$295.60 --- 20-day moving average
$309.20 --- 40-day moving average
$203.30 --- the contract low
$283.10 --- 10-day moving average
$295.60 --- 20-day moving average
$309.20 --- 40-day moving average
$203.30 --- the contract low
December soybean oil on Friday closed higher, near the session high and closed at a bullish weekly high close. Bulls did gain some fresh upside near-term technical momentum on Friday, but now need to show that important follow-through strength soon. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 37.00 cents. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at the July low of 32.80 cents. First resistance is seen at Friday's high of 35.52 cents and then at 36.00 cents. First support is seen at 35.00 cents and then at Friday's low of 34.45 cents.
70.00 --- the contract high
34.19 --- 10-day moving average
35.53 --- 20-day moving average
37.41 --- 40-day moving average
30.00 --- the contract low
34.19 --- 10-day moving average
35.53 --- 20-day moving average
37.41 --- 40-day moving average
30.00 --- the contract low
December corn on Friday closed higher and near the session high on short covering. Bears still have the near-term technical advantage. Corn prices are still in a five-week-old downtrend on the daily bar chart. The corn bulls' next upside price objective is to push and close prices above solid technical resistance at last week's high of $3.49 1/4 a bushel. The next downside price objective for the bears is to push and close prices below major psychological support at $3.00 a bushel. First resistance for December corn is seen at $3.35 and then at $3.40. First support is seen at the contract low of $3.24 1/2 and then at $3.20.
$7.07 -------- the contract high
$3.37 1/4 --- 10-day moving average
$3.62 1/2 ---- 20-day moving average
$4.06 3/4 --- 40-day moving average
$3.24 1/2 --- the contract low
$3.37 1/4 --- 10-day moving average
$3.62 1/2 ---- 20-day moving average
$4.06 3/4 --- 40-day moving average
$3.24 1/2 --- the contract low
December Chicago wheat on Friday closed higher and nearer the session high. Prices are still in a seven-week-old downtrend on the daily bar chart. Wheat bears still have the overall near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at the July low of $5.38. Bulls' next upside price objective is to push and close July futures prices above solid technical resistance at $6.00 a bushel. First resistance is seen at last week' high of $5.75 1/2 and then at $5.80. First support lies at Friday's low of $5.55 and then at $5.50.
$11.50 1/2 --- the contract high
$5.53 1/2 --- 10-day moving average
$5.69 -------- 20-day moving average
$6.40 -------- 40-day moving average
$4.91 -------- the contract low
$5.53 1/2 --- 10-day moving average
$5.69 -------- 20-day moving average
$6.40 -------- 40-day moving average
$4.91 -------- the contract low
December KCBT wheat on Friday closed firmer and near mid-range. Bears still have the near-term technical advantage. Prices are still in a seven-week-old downtrend on the daily bar chart. The bulls' next upside price objective is pushing prices above solid technical resistance at $6.08, which is the top of a downside price gap on the daily bar chart. The bears' next downside objective is pushing and closing prices below solid technical support at the July low of $5.60 1/2. First resistance is seen at Friday's high of $5.80 and then at last week's high of $5.91 1/2. First support is seen at Friday's low of $5.71 3/4 and then at $5.60 1/2.
Tags: futures | corn | soybeans | wheat
