JimWyckoff's Commentaries
Feb
22
2010
Grain Market Analysis
by JimWyckoff
Overall Rating:
May corn on Friday closed firmer on short covering in a bear market. The corn bears still have the overall near-term technical advantage. The next downside price objective for the bears is to push and close prices below solid technical support at the February low of $3.59 a bushel. Bulls' next upside price objective is to push prices above solid technical resistance at last week's high of $3.80 1/2 a bushel. First resistance for May corn is seen at $3.77 and then at $3.80 1/2. First support is seen at $3.71 1/4 and then at $3.69.
$7.14 -------- the contract high
$3.72 3/4 ---- 10-day moving average
$3.71 1/2 ---- 20-day moving average
$3.90 3/4 ---- 40-day moving average
$3.25 -------- the contract low
$3.72 3/4 ---- 10-day moving average
$3.71 1/2 ---- 20-day moving average
$3.90 3/4 ---- 40-day moving average
$3.25 -------- the contract low
May Chicago wheat on Friday closed firmer and nearer the session high. The bears maintain 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 $4.80 3/4. Bulls' next upside price objective is to push and close May futures prices above solid technical resistance at last week's high of $5.23 1/4 a bushel. First resistance is seen at $5.12 and then at $5.17 1/2. First support lies at $5.00 and then at last week's low of $4.92.
$7.47 1/4 --- the contract high
$5.05 3/4 --- 10-day moving average
$5.00 3/4 --- 20-day moving average1
$5.24 3/4 --- 40-day moving average
$4.72 ------- the contract low
$5.05 3/4 --- 10-day moving average
$5.00 3/4 --- 20-day moving average1
$5.24 3/4 --- 40-day moving average
$4.72 ------- the contract low
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May KCBT wheat on Friday closed firmer and nearer the session high. Bears still have the overall near-term technical advantage. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at last week's high of $5.27. The bears' next downside objective is pushing and closing prices below solid technical support at the February low of $4.92 1/2. First resistance is seen at $5.11 1/2 and then at Friday's high of $5.16. First support is seen at $5.00 and then at $4.92 1/2.
$7.71 3/4 --- the contract high
$5.09 1/4 --- 10-day moving average
$5.07 1/4 --- 20-day moving average
$5.26 1/2 --- 40-day moving average
$4.86 3/4 --- the contract low
$5.09 1/4 --- 10-day moving average
$5.07 1/4 --- 20-day moving average
$5.26 1/2 --- 40-day moving average
$4.86 3/4 --- the contract low
May soybeans on Friday closed lower and closed at a bearish weekly low close. Bears 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 February low of $9.11. The next upside technical objective for the bulls is pushing and closing March prices above major psychological resistance at $10.00. First resistance for May soybeans is seen at $9.65 and then at last week's high of $9.75. First support is seen at $9.54 1/2 and then at $9.50.
$13.46 ------- the contract high
$9.53 3/4 ---- 10-day moving average
$9.43 3/4 ---- 20-day moving average
$9.79 1/2 ---- 40-day moving average
$8.14 -------- the contract low
$9.53 3/4 ---- 10-day moving average
$9.43 3/4 ---- 20-day moving average
$9.79 1/2 ---- 40-day moving average
$8.14 -------- the contract low
May soybean meal on Friday closed lower and closed at a bearish weekly low close. 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 February low of $259.90. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week's high of $278.60. First resistance comes in at $273.50 and then at $275.00. First support is seen at $270.00 and then at last week's low of $266.50.
$353.70 --- contract high
$271.30 --- 10-day moving average
$270.80 --- 20-day moving average
$281.50 --- 40-day moving average
$232.70 --- the contract low
$271.30 --- 10-day moving average
$270.80 --- 20-day moving average
$281.50 --- 40-day moving average
$232.70 --- the contract low
May soybean oil on Friday closed weaker and closed at a bearish weekly low close. Bean oil bulls have the slight overall near-term technical advantage. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at 37.98 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 40.00 cents. First resistance is seen at last week's high of 39.49 cents and then at 39.75 cents. First support is seen at 39.00 cents and then at last week's low of 38.60 cents.
58.70 --- the contract high
38.90 --- 10-day moving average
38.09 --- 20-day moving average
38.76 --- 40-day moving average
31.10 --- the contract low
38.90 --- 10-day moving average
38.09 --- 20-day moving average
38.76 --- 40-day moving average
31.10 --- the contract low
Tags: corn | soybeans | wheat | grains | futures
