JULY SOYBEANS
July soybeans on Friday closed weaker and near mid-range. Prices
did hit a fresh eight-month high early on. The key “outside
markets” were mostly bearish for the soybean futures market
Friday, as the U.S. stock indexes were steady-weaker, crude oil
prices were steady-weaker higher and the U.S. dollar was sharply
higher. Bean bulls still have the solid near-term technical
advantage. Prices are in a three-month-old uptrend on the daily
bar chart. The next upside price objective for the bean bulls is
to push and close prices above major psychological resistance at
$13.00 a bushel. The next downside price objective for the bears
is pushing and closing prices below solid support at last week’s
low of $11.77 a bushel. First resistance for July soybeans is
seen at Friday’s high of $12.36 1/2 and then at $12.50. First
support is seen at Friday’s low of $12.11 1/2 and then at $12.00.
$16.50 ——– the contract high
$11.96 3/4 — 10-day moving average
$11.68 1/2 — 20-day moving average
$11.06 3/4 — 40-day moving average
$6.85 ——– the contract low
JULY SOYBEAN MEAL
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July soybean meal on Friday closed weaker and near mid-range on
profit taking. Prices did hit a fresh 10.5-month high early on.
Meal bulls still have the solid near-term technical advantage.
Prices are still in a three-month-old uptrend on the daily bar
chart. The next upside price objective for the bulls is to
produce a close above solid technical resistance at $410.00. The
next downside price objective for the bears is pushing and
closing prices below solid technical support at this week’s low
of $378.00. First resistance comes in at Friday’s high of $399.80
and then at $402.50. First support is seen at Friday’s low of
$392.50 and then at $390.00.
$435.50 — contract high
$387.00 — 10-day moving average
$373.50 — 20-day moving average
$348.00 — 40-day moving average
$203.30 — the contract low
JULY SOYBEAN OIL
July soybean oil on Friday closed lower and nearer the session
low. The key “outside markets” were mostly bearish for the bean
oil futures market Friday, as the U.S. stock indexes were
steady-lower, crude oil prices were steady-lower and the U.S.
dollar was sharply higher. Bean oil bulls still have the
near-term technical advantage. Prices are in a 2.5-month-old
uptrend on the daily bar chart. The next upside price objective
for the bean oil bulls is pushing and closing prices above solid
technical resistance at 42.50 cents. Bean oil bears’ next
downside technical price objective is pushing and closing prices
below solid technical support at 38.00 cents. First resistance is
seen at Friday’s high of 40.34 cents and then at last week’s high
of 40.60 cents. First support is seen at Friday’s low of 39.50
cents and then at last week’s low of 38.85 cents.
71.90 — the contract high
39.08 — 10-day moving average
38.91 — 20-day moving average
37.89 — 40-day moving average
29.23 — the contract low
JULY CORN
July corn on Friday closed weaker and near mid-range on profit
taking. The key “outside markets” were mostly bearish for the
corn futures market Friday, as the U.S. stock indexes were
steady-weaker, crude oil prices were steady-weaker and the U.S.
dollar was sharply higher. Corn bulls still have the near-term
technical advantage. Prices are still in a six-week-old uptrend
on the daily bar chart. The bulls’ next upside price objective is
to push and close prices above solid technical resistance at
$4.85 a bushel. The next downside price objective for the bears
is to push and close prices below solid technical support at last
week’s low of $4.21 3/4 a bushel. First resistance for July corn
is seen at last week’s high of $4.50 and then at $4.55. First
support is seen at Friday’s low of $4.40 and then at
$4.35.
$8.26 ——– the contract high
$4.36 3/4 — 10-day moving average
$4.30 1/2 — 20-day moving average
$4.12 3/4 — 40-day moving average
$3.15 3/4 — the contract low
JULY CBOT WHEAT
July Chicago wheat on Friday closed lower and nearer the session
low. The key “outside markets” were mostly bearish for the wheat
futures market Friday, as the U.S. stock indexes were
steady-weaker, crude oil prices were steady-weaker and the U.S.
dollar was sharply higher. Wheat futures bulls do still have the
near-term technical advantage. The next downside price objective
for the bears is pushing and closing prices below solid technical
support at $6.00. Bulls’ next upside price objective is to push
and close July futures prices above solid technical resistance at
this week’s high of $6.77 a bushel. First resistance is seen at
Friday’s high of $6.39 1/2 and then at $6.50. First support lies
at Friday’s low of $6.21 and then at last week low of $6.14 1/4.
$11.44 3/4 — the contract high
$6.33 3/4 — 10-day moving average
$6.21 1/4 — 20-day moving average
$5.75 1/4 — 40-day moving average
$4.48 ——– the contract low
JULY KCBT WHEAT
July KCBT wheat on Friday closed lower and near the session low.
Bulls still have the near-term technical advantage but are
fading.. The bulls’ next upside price objective is pushing prices
above solid technical resistance at last week’s high of $7.27.
The bears’ next downside objective is pushing prices below solid
technical support at $6.50. First resistance is seen at Friday’s
high of $6.83 and then at $7.00. First support is seen at last
week’s low of $6.69 and then at $6.50.
$11.35 ——– the contract high
$6.84 3/4 — 10-day moving average
$6.62 1/2 — 20-day moving average
$6.23 3/4 — 40-day moving average
$4.60 ——– the contract low
