JimWyckoff's Commentaries
Aug
30
2010
Grain Market Analysis
by JimWyckoff
Overall Rating:
November soybeans on Friday closed higher, near the session high and closed at a bullish weekly high close. Bulls have regained fresh upside near-term technical momentum after fading a bit recently. The soybean bulls have the 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 November high of $10.49. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $9.93 1/2. First resistance for November soybeans is seen at Friday's high of $10.29 1/2 and then at $10.40. First support is seen at $10.20 and then at Friday's low of $10.14.
$15.55 1/2 --- the contract high
$10.16 1/2 --- 10-day moving average
$10.21 1/4 --- 20-day moving average
$9.92 1/4 ---- 40-day moving average
$8.09 3/4 ---- the contract low
$10.16 1/2 --- 10-day moving average
$10.21 1/4 --- 20-day moving average
$9.92 1/4 ---- 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, near mid-range and closed at a bullish weekly high close. Meal bulls have the overall near-term technical advantage and have regained fresh upside technical momentum. An 11-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 $288.40. The next upside price objective for the bulls is to produce a close above solid technical resistance at the August high of $304.50. First resistance comes in at Friday's high of $301.50 and then at $304.50. First support is seen at Friday's low of $296.30 and then at $295.00.
$383.00 --- contract high
$295.80 --- 10-day moving average
$294.30 --- 20-day moving average
$287.20 --- 40-day moving average
$236.70 --- the contract low
$295.80 --- 10-day moving average
$294.30 --- 20-day moving average
$287.20 --- 40-day moving average
$236.70 --- the contract low
December soybean oil on Friday closed higher, near the session high and closed at a bullish weekly high close. Bulls did gain some fresh upside technical momentum on Friday. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at last week's low of 39.50 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 41.50 cents. First resistance is seen at Friday's high of 40.86 and then at 41.00 cents. First support is seen at 40.50 cents and then at 40.25 cents.
70.00 --- the contract high
40.68 --- 10-day moving average
41.40 --- 20-day moving average
40.13 --- 40-day moving average
31.80 --- the contract low
40.68 --- 10-day moving average
41.40 --- 20-day moving average
40.13 --- 40-day moving average
31.80 --- the contract low
December corn on Friday closed higher, near mid-range, at a bullish weekly high close and hit a fresh seven-month high. The corn market bulls still have the overall near-term technical advantage and late last week regained fresh upside technical momentum. Prices are in a two-month-old uptrend on the daily bar chart. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at $4.50. The next downside price objective for the bears is pushing and closing prices below solid technical support at $4.15 1/4. First resistance for December corn is seen at Friday's high of $4.40 3/4 and then at $4.45. First support is seen at Friday's low of $4.32 and then at $4.25.
$7.05 -------- the contract high
$4.29 1/4 ---- 10-day moving average
$4.22 1/4 ---- 20-day moving average
$4.06 3/4 ---- 40-day moving average
$3.43 1/4 ---- the contract low
$4.29 1/4 ---- 10-day moving average
$4.22 1/4 ---- 20-day moving average
$4.06 3/4 ---- 40-day moving average
$3.43 1/4 ---- the contract low
December Chicago wheat on Friday closed firmer and near mid-range. Trading has been choppy and sideways to lower for three weeks. Bulls' next upside price objective is to push and close Chicago SRW prices above solid resistance at $7.32 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at the August low of $6.77 1/2. First resistance is seen at $7.00 and then at Friday's high of $7.05 3/4. First support lies at Friday's low of $6.87 and then at last week's low of $6.79 1/4.
$10.38 1/4 --- the contract high
$6.99 1/4 ---- 10-day moving average
$7.21 1/4 ---- 20-day moving average1
$6.62 3/4 ---- 40-day moving average
$4.72 3/4 ---- the contract low
$6.99 1/4 ---- 10-day moving average
$7.21 1/4 ---- 20-day moving average1
$6.62 3/4 ---- 40-day moving average
$4.72 3/4 ---- the contract low
December KCBT wheat on Friday closed higher and nearer the session high. Trading has been choppy and sideways to lower for the past three weeks. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $7.35. The bears' next downside objective is pushing and closing prices below solid technical support at the August low of $6.88. First resistance is seen at Friday's high of $7.19 and then at $7.25. First support is seen at Friday's low of $7.05 and then at $7.00.
$10.35 ------ the contract high
$7.09 1/4 --- 10-day moving average
$7.22 1/2 --- 20-day moving average
$6.64 1/2 --- 40-day moving average
$4.85 3/4 --- the contract low
$7.09 1/4 --- 10-day moving average
$7.22 1/2 --- 20-day moving average
$6.64 1/2 --- 40-day moving average
$4.85 3/4 --- the contract low
Tags: corn | soybeans | wheat | grains | futures
