by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEANS
July soybean prices Friday closed higher, near mid-range, at a bullish weekly high close and scored a fresh contract high. Bean bulls still have solid upside technical momentum amid fresh speculative and commodity fund buying. The next upside price objective for the bean bulls is to push and close prices above solid resistance at the contract high of $14.12 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $13.60, which would fill on the downside a big upside price gap on the daily bar chart. First resistance for July soybeans is seen at Friday’s contract high of $14.12 1/2 and then at $14.25. First support is seen at $14.00 and then at Friday’s low of $13.86 1/2.
14.12 1/2 — the contract high
13.65 1/4 — 10-day moving average
13.25 ——– 20-day moving average
12.99 1/4 — 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed slightly higher and nearer the session low, but did close at a bullish weekly high close. The next upside price objective for the bulls is to produce a close above technical resistance at Friday’s high of $372.50. The next downside price objective for the bears is pushing prices below solid support at $361.50, which would fill on the downside a big upside price gap on the daily bar chart. First resistance comes in at Friday’s high of $372.50 and then at $375.00. First support is seen at Friday’s low of $365.00 and then at of $363.00.
$381.00 — the contract high
364.70 — 10-day moving average
355.80 — 20-day moving average
353.90 — 40-day moving average
204.00 — the contract low
JULY SOYBEAN OIL
July bean oil prices Friday hit another fresh contract and all-time high, and closed near the session high and closed at a bullish weekly high close. Bulls have solid upside technical momentum. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at 61.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at 57.53 cents, which is the bottom of a big upside price gap on the daily bar chart. First resistance is seen at Friday’s contract high of 59.95 cents and then at 60.50 cents. First support is seen at Friday’s low of 59.23 cents and then at 59.00 cents.
59.95 — the contract high
57.35 — 10-day moving average
55.55 — 20-day moving average
53.59 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed higher, near the session high, at a fresh contract high close and at a bullish weekly high close. Corn bulls still have strong upside technical momentum. The corn bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $5.51 1/4. The next downside price objective for the bears is to push prices below solid support at $5.21 1/2, which would fill on the downside a big upside price gap on the daily bar chart. First resistance for July corn is seen at Friday’s high of $5.39 1/4 and then at $5.42. First support is seen at Friday’s low of $5.33 1/4 and then at $5.25 1/2.
5.51 1/4 — the contract high
5.28 3/4 — 10-day moving average
5.22 1/4 — 20-day moving average
5.06 1/4 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed weaker and near mid-range. A bearish pennant or flag pattern may be forming on the daily bar chart. Chicago wheat bulls’ next upside price objective is to push and close July futures prices above resistance at Friday’s high of $9.54 a bushel. The next downside price objective for the bears is pushing prices below solid support at $9.16 a bushel, which would fill on the downside an upside price gap on the daily bar chart. First resistance is seen at $9.54 and then at $9.66. First support lies at $9.30 and then at Friday’s low of $9.23.
10.00 ——- the contract high
9.42 3/4 — 10-day moving average
9.10 1/4 — 20-day moving average
8.57 3/4— 40-day moving average
3.72 ——– the contract low
JULY KCBOT WHEAT
July Kansas City wheat prices Friday closed higher and near the session high. A bearish pennant or flag pattern could be forming on the daily bar chart. The bulls’ next upside price objective is pushing prices above resistance at $10.50 a bushel. The bears’
next downside objective is pushing prices below solid support at $9.88, to fill on the downside an upside price gap on the daily chart. First resistance is seen at Friday’s high of $10.25 and then at $10.40. First support is seen at $10.00 and then at $9.88.
11.35 ——- the contract high
10.30 1/2 — 10-day moving average
9.87 3/4 — 20-day moving average
9.17 1/2 — 40-day moving average
4.36 ——– the contract low
