December corn futures closed up 8 1/4 cents at $4.31 yesterday. Prices closed near the session high yesterday and closed at a seven-month high close. Some fresh U.S. export demand news from USDA yesterday helped lift the corn market. Corn bulls have the solid near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at the August high of $4.38 3/4. The next downside price objective for the bears is pushing and closing prices below major psychological support at $4.00. First resistance for December corn is seen this week's high of $4.33 and then at $4.38 3/4. First support is seen at $4.25 and then at this week's low of $4.21.

Wyckoff's Market Rating: 7.0

Source: VantagePoint Intermarket Analysis Software

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November soybeans closed up 9 3/4 cents at $10.41 1/4 a bushel yesterday. Prices closed nearer the session high yesterday. Some fresh USDA export sales to China yesterday boosted the bean market bulls. The soybean bulls have the solid overall near-term technical advantage. The next upside technical objective for the bulls is pushing and closing November prices above solid technical resistance at the December high of $10.60 1/4. The next downside price objective for the bears is pushing and closing prices below major psychological support at $10.00. First resistance for November soybeans is seen at the August high of $10.49 and then at $10.60 1/4. First support is seen at yesterday's low of $10.27 1/2 and then at $10.20.

Wyckoff's Market Rating: 8.0.

December soybean meal closed up $4.00 at $299.40 yesterday. Prices closed nearer the session high yesterday and closed at a fresh eight-month high close. Meal bulls  have the solid overall near-term technical advantage. A nine-week-old uptrend is still 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 $286.90. The next upside price objective for the bulls is to produce a close above solid technical resistance at the December high of $303.50. First resistance comes in at yesterday's high of $300.90 and then at the August of $303.00. First support is seen at $297.00 and then at $295.00.

Wyckoff's Market Rating: 8.0.

December bean oil closed up 26 points at 42.33 cents yesterday. Prices closed nearer the session high yesterday. The bean oil bulls have the solid overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at the August low of 40.44 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at this week's high of 43.39 cents. First resistance is seen at yesterday's high of 42.50 and then at 42.77 cents. First support is seen at 42.12 cents and then at yesterday's low of 41.85 cents.

Wyckoff's Market Rating: 7.5

December Chicago SRW wheat closed down 11 1/4 cents at $6.85 yesterday. Prices again closed near the session low and hit another fresh two-week low yesterday. Price action this week has seen a bearish downside "breakout" from a bearish pennant pattern that had formed on the daily bar chart. Serious chart damage has been inflicted recently to suggest a market top is in place. Bulls' next upside price objective is to push and close prices above solid resistance at last week's high of $7.68 1/2 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.60. First resistance is seen at $7.00 and then at yesterday's high of $7.09. First support lies at yesterday's low of $6.82 1/4 and then at $6.75.

Wyckoff's Market Rating: 6.0.

December K.C. HRW wheat closed down 11 1/4 cents at $6.91 3/4 yesterday. Prices closed nearer the session high and hit a fresh three-week low yesterday. It's likely the market has put in a near-term top. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at last week's high of $7.64 1/2. The bears' next downside objective is pushing and closing prices below solid technical support at yesterday's low of $6.45. First resistance is seen at $7.00 and then at yesterday's high of $7.15 1/2. First support is seen at $6.75 and then at $6.60.

Wyckoff's Market Rating: 6.0.

December oats closed up 3 1/2 cents at $2.89 yesterday. Prices closed nearer the session high yesterday. Oats bulls still have the overall near-term technical advantage. Prices are still in a nine-week-old uptrend on the daily bar chart. Bears' next downside price objective is pushing and closing prices below solid technical support at the August low of $2.73. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at the August high of $3.09 1/2. First support lies at yesterday's low of $2.85 and then at this week's low of $2.82. First resistance is seen at yesterday's high of $2.90 and then at $2.92 1/2.

Wyckoff's Market Rating: 7.5.