JimWyckoff's Commentaries
Jul
27
2009
Grain Commentary
by JimWyckoff
Overall Rating:
November soybeans on Friday closed lower and near the session low. Prices are still in a six-week-old downtrend on the daily bar chart. However, prices have been trapped in a sideways trading range for three weeks. The next upside price objective for the bean bulls is to push and close November prices above solid technical resistance at $9.40 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 $9.20 and then at $9.25. First support is seen at $9.00 and then at $8.95.
$15.57 1/2 --- the contract high
$9.13 --------- 10-day moving average
$9.30 1/2 --- 20-day moving average
$9.86 3/4 --- 40-day moving average
$6.70 -------- the contract low
$9.13 --------- 10-day moving average
$9.30 1/2 --- 20-day moving average
$9.86 3/4 --- 40-day moving average
$6.70 -------- the contract low
Source: VantagePoint Intermarket Analysis Software
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December soybean meal on Friday closed lower and nearer the session low. Bears still have the near-term technical advantage as a six-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 $294.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the July low of $266.90. First resistance comes in at $280.00 and then at Friday's high of $284.50. First support is seen at $275.00 and then at $270.00.
$399.00 --- contract high
$276.80 --- 10-day moving average
$286.70 --- 20-day moving average
$302.90 --- 40-day moving average
$203.30 --- the contract low
$276.80 --- 10-day moving average
$286.70 --- 20-day moving average
$302.90 --- 40-day moving average
$203.30 --- the contract low
December soybean oil on Friday closed lower and near the session low. Prices Friday closed at a bearish weekly low close. Bean oil has become the laggard of the soy complex. Bears have the near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week's high of 36.24 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 35.00 cents and then at Friday's high of 35.57 cents. First support is seen at 34.25 cents and then at 34.00 cents.
70.00 --- the contract high
35.04 --- 10-day moving average
34.92 --- 20-day moving average
36.86 --- 40-day moving average
30.00 --- the contract low
35.04 --- 10-day moving average
34.92 --- 20-day moving average
36.86 --- 40-day moving average
30.00 --- the contract low
December corn on Friday closed lower and near the session low. Corn prices are still in a six-week-old downtrend on the daily bar chart. The bears still have the near-term technical advantage. The corn bulls' next upside price objective is to push prices above solid technical resistance at $3.56 3/4 a bushel, which would fill on the upside a downside price gap on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at the contract low of $3.14 3/4 a bushel. First resistance for December corn is seen at $3.30 and then at $3.35. First support is seen at
$3.20 and then at $3.14 3/4.
$3.20 and then at $3.14 3/4.
$7.07 -------- the contract high
$3.30 3/4 --- 10-day moving average
$3.41 1/2 --- 20-day moving average
$3.90 1/4 --- 40-day moving average
$3.14 3/4 --- the contract low
$3.30 3/4 --- 10-day moving average
$3.41 1/2 --- 20-day moving average
$3.90 1/4 --- 40-day moving average
$3.14 3/4 --- the contract low
December Chicago wheat on Friday closed lower, nearer the session low and at a bearish weekly low close. Wheat bears still have the solid overall near-term technical advantage and gained more downside momentum Friday. 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 last week's high of $5.80 a bushel. First resistance is seen at $5.50 and then at $5.60. First support lies at $5.38 and then at $5.30.
$11.50 1/2 --- the contract high
$5.57 1/4 --- 10-day moving average
$5.56 1/2 --- 20-day moving average
$5.98 1/4 --- 40-day moving average
$4.91 -------- the contract low
$5.57 1/4 --- 10-day moving average
$5.56 1/2 --- 20-day moving average
$5.98 1/4 --- 40-day moving average
$4.91 -------- the contract low
December KCBT wheat on Friday closed lower, near the session low and at a bearish weekly low close. Bears still have the solid near-term technical advantage. The bulls' next upside price objective is pushing prices above solid technical resistance at last week's high of $5.92 1/2. 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 $5.75 and then at $5.81 1/2. First support is seen at $5.60 1/2 and then at $5.50.
$11.35 ------ the contract high
$5.78 1/2 --- 10-day moving average
$5.80 ------- 20-day moving average
$6.26 1/2 --- 40-day moving average
$4.60 -------- the contract low
$5.78 1/2 --- 10-day moving average
$5.80 ------- 20-day moving average
$6.26 1/2 --- 40-day moving average
$4.60 -------- the contract low
Tags: futures | corn | soybeans | wheat
