JimWyckoff's Commentaries
Aug
2
2010
Grain Market Analysis
by JimWyckoff
Overall Rating:
November soybeans on Friday closed solidly higher, near the session high, hit a fresh seven-month high and closed at a bullish weekly and monthly high close. The bulls have the solid overall near-term technical advantage and have gained more upside technical momentum recently. The next upside technical objective for the bulls is pushing and closing November prices above strong technical resistance at the January high of $10.35 1/2. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $9.61. First resistance for November soybeans is seen at Friday's high of $10.07 and then at $10.20. First support is seen at $10.00 and then at Friday's low of $9.87 1/2.
$15.55 1/2 -- the contract high
$9.78 3/4 --- 10-day moving average
$9.63 1/4 --- 20-day moving average
$9.38 1/2 --- 40-day moving average
$8.09 3/4 ---- the contract low
$9.78 3/4 --- 10-day moving average
$9.63 1/4 --- 20-day moving average
$9.38 1/2 --- 40-day moving average
$8.09 3/4 ---- the contract low
Source: VantagePoint Intermarket Analysis Software
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December soybean meal on Friday closed higher, nearer the session high and closed at a bullish weekly high close. Bulls have the solid overall near-term technical advantage. A two-month-old uptrend is in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $275.80. The next upside price objective for the bulls is to produce a close above solid technical resistance at the July high of $292.20. First resistance comes in at $292.20 and then at $295.00. First support is seen at $288.00 and then at $285.50.
$383.00 --- contract high
$283.50 --- 10-day moving average
$280.20 --- 20-day moving average
$269.70 --- 40-day moving average
$236.70 --- the contract low
$283.50 --- 10-day moving average
$280.20 --- 20-day moving average
$269.70 --- 40-day moving average
$236.70 --- the contract low
December soybean oil on Friday closed higher, near the session high, hit a fresh three-month high and closed at a bullish weekly and monthly high close. The bean oil bulls have the near-term technical advantage and have gained more upside momentum recently. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at last week's low of 39.23 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the April high of 41.75 cents. First resistance is seen at Friday's high of 40.55 cents and then at 40.75 cents. First support is seen at 40.25 cents and then at 40.00 cents.
70.00 --- the contract high
39.54 --- 10-day moving average
38.86 --- 20-day moving average
38.49 --- 40-day moving average
31.80 --- the contract low
39.54 --- 10-day moving average
38.86 --- 20-day moving average
38.49 --- 40-day moving average
31.80 --- the contract low
December corn on Friday closed sharply higher, near the session high and closed at a bullish weekly high close. The bull market run in wheat futures has spilled over into the corn market. Corn bulls have the solid near-term technical advantage. Corn bulls' next upside price objective is to push and close prices above strong technical resistance at the July high of $4.10 a bushel. The next downside price objective for the bears is pushing and closing prices below solid chart support at $3.87. First resistance for December corn is seen at $4.10 and then at $4.13. First support is seen at $4.00 and then at $3.98.
$7.05 -------- the contract high
$3.89 3/4----- 10-day moving average
$3.91 1/2 ---- 20-day moving average
$3.79 1/4 ---- 40-day moving average
$3.43 1/4 ---- the contract low
$3.89 3/4----- 10-day moving average
$3.91 1/2 ---- 20-day moving average
$3.79 1/4 ---- 40-day moving average
$3.43 1/4 ---- the contract low
December Chicago wheat on Friday closed sharply, near the session high, hit a fresh 13-month high and closed at a bullish weekly and monthly high close. Prices are in a steep seven-week-old uptrend on the daily bar chart and bulls have the solid near-term technical advantage. The market is well short-term overbought, technically, and due for a corrective pullback very soon. Bulls' next upside price objective is to push and close prices above solid technical and psychological resistance at $7.00 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.50. First resistance is seen at $7.00 and then at $7.15. First support lies at $6.80 and then at $6.75.
$10.38 1/4 --- the contract high
$6.34 -------- 10-day moving average
$6.04 -------- 20-day moving average1
$5.50 -------- 40-day moving average
$4.72 3/4 ---- the contract low
$6.34 -------- 10-day moving average
$6.04 -------- 20-day moving average1
$5.50 -------- 40-day moving average
$4.72 3/4 ---- the contract low
December KCBT wheat on Friday closed higher, near the session high, hit a fresh 13-month high and closed at a bullish weekly and monthly high close. Bulls have the solid near-term technical advantage. Prices are in a steep seven-week-old uptrend on the daily bar chart. However, the market is near-term overbought, technically, and due for a corrective pullback soon. Bulls' next upside price objective is pushing prices above psychological resistance at $7.00. The bears' next downside objective is pushing and closing prices below solid technical support at $6.50. First resistance is seen at $7.00 and then at $7.15. First support is seen at $6.80 and then at Friday's low of $6.71 1/2.
$10.35 ------ the contract high
$6.36 1/4 --- 10-day moving average
$6.06 1/2 --- 20-day moving average
$5.58 ------- 40-day moving average
$4.85 3/4 --- the contract low
$6.36 1/4 --- 10-day moving average
$6.06 1/2 --- 20-day moving average
$5.58 ------- 40-day moving average
$4.85 3/4 --- the contract low
Tags: corn | soybeans | wheat | grains | futures
