JimWyckoff's Commentaries
Feb
16
2010
Grain Market Analysis
by JimWyckoff
Overall Rating:
March soybeans on Friday closed firmer, near the session high and clsoed at a fresh three-week high close. Prices Friday also closed at a bullish weekly high close. The bulls have gained some fresh upside near-term technical momentum. The next downside price objective for the bears is pushing and closing prices below major psychological support at the February low of $9.00. The next upside technical objective for the bulls is pushing and closing March prices above solid technical resistance at $9.65. First resistance for March soybeans is seen at last week's high of $9.50 1/2 and then at $9.60. First support is seen at $9.40 and then at $9.30.
$15.60 ------- the contract high
$9.25 -------- 10-day moving average
$9.35 1/4 ---- 20-day moving average
$9.80 1/2 ---- 40-day moving average
$8.05 -------- the contract low
$9.25 -------- 10-day moving average
$9.35 1/4 ---- 20-day moving average
$9.80 1/2 ---- 40-day moving average
$8.05 -------- the contract low
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March soybean meal on Friday closed higher and near the session high. Prices also hit a fresh three-week high and closed at a bullish weekly high close on Friday. Bulls have gained some fresh upside near-term technical momentum. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $265.60. The next upside price objective for the bulls is to produce a close above solid technical resistance at $290.00. First resistance comes in at Friday's high of $280.30 and then at $282.50. First support is seen at $277.50 and then at $275.00.
$395.00 --- contract high
$273.50 --- 10-day moving average
$279.30 --- 20-day moving average
$290.10 --- 40-day moving average
$234.20 --- the contract low
$273.50 --- 10-day moving average
$279.30 --- 20-day moving average
$290.10 --- 40-day moving average
$234.20 --- the contract low
March soybean oil on Friday closed lower and near mid-range. Prices also closed at a bearish weekly low close on Friday. Bean oil bulls and bears are back on a level near-term technical playing field. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at 36.69 cents. 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 38.68 cents. First resistance is seen at Friday's high of 38.15 cents and then at 38.50 cents. First support is seen at Friday's low of 37.51 cents and then at last week's low of 37.07 cents.
69.15 --- the contract high
37.53 --- 10-day moving average
37.11 --- 20-day moving average
38.38 --- 40-day moving average
30.90 --- the contract low
37.53 --- 10-day moving average
37.11 --- 20-day moving average
38.38 --- 40-day moving average
30.90 --- the contract low
March corn on Friday closed weaker and near mid-range. Corn bears still have the overall near-term technical advantage. There are still no early technical clues that a market bottom is close at hand. Prices are still in a six-week-old downtrend 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 February low of $3.47 1/2 a bushel. Bulls' next upside price objective is to push prices above solid technical resistance at the February high of $3.68 1/4 a bushel. First resistance for March corn is seen at last week's high of $3.65 1/2 and then at $3.68 1/4. First support is seen at Friday's low of$3.57 1/2 and then at $3.55 1/4.
$7.12 1/4 ---- the contract high
$3.58 1/2 ---- 10-day moving average
$3.61 3/4 ---- 20-day moving average
$3.84 3/4 ---- 40-day moving average
$3.15 1/2 ---- the contract low
$3.58 1/2 ---- 10-day moving average
$3.61 3/4 ---- 20-day moving average
$3.84 3/4 ---- 40-day moving average
$3.15 1/2 ---- the contract low
March Chicago wheat on Friday closed weaker and near mid-range. Bears still have the overall near-term technical advantage. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at the February low of $4.66 1/2. Bulls' next upside price objective is to push and close March futures prices above solid technical resistance at the December low of $5.14 1/4 a bushel. First resistance is seen at Friday's high of $4.93 3/4 and then at $5.00. First support lies at Friday's low of $4.80 1/4 and then at $4.75.
10.29 1/4 --- the contract high
$4.82 1/4 --- 10-day moving average
$4.88 1/4 --- 20-day moving average1
$5.15 ------- 40-day moving average
$4.59 ------- the contract low
$4.82 1/4 --- 10-day moving average
$4.88 1/4 --- 20-day moving average1
$5.15 ------- 40-day moving average
$4.59 ------- the contract low
March KCBT wheat on Friday closed lower and near mid-range. The bears still have the near-term technical advantage. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $5.25. The bears' next downside objective is pushing and closing prices below solid technical support at the February low of $4.80 3/4. First resistance is seen at $5.00 and then at last week's high of $5.09 1/2. First support is seen at Friday's low of $4.91 and then at $4.86.
$10.08 1/2 --- the contract high
$4.93 ------- 10-day moving average
$4.96 1/2 --- 20-day moving average
$5.16 3/4 --- 40-day moving average
$4.75 1/2 --- the contract low
$4.93 ------- 10-day moving average
$4.96 1/2 --- 20-day moving average
$5.16 3/4 --- 40-day moving average
$4.75 1/2 --- the contract low
Tags: corn | soybeans | wheat | grains | futures
