GRAINS: May corn futures closed down 5 1/4 cents at $5.01 3/4 Wednesday. Prices closed nearer the session low after popping to a 7.5-month high in the wake of a friendly monthly USDA report. The low-range close produced a bearish buying “exhaustion tail” on the daily chart today, whereby it appears the bulls became exhausted at higher price levels and prices backed way off the high. Also, when a market cannot rally on fresh, bullish fundamental news, that’s also a clue a market top is in place. Corn prices are still in a three-month-old uptrend on the daily bar chart. Corn bulls still have the overall near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at today’s high of $5.19. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.90. First resistance for May corn is seen at $5.07 1/2 and then at $5.12 1/2. First support is seen at today’s low of $5.00 and then at this week’s low of $4.94 1/2. Wyckoff’s Market Rating: 7.0
May soybeans closed up 13 cents at $14.95 1/2 a bushel Tuesday. Prices closed near mid-range and hit a fresh contract high today following a friendly monthly USDA report. Prices also pushed above what was psychological resistance at the $15.00 mark. The soybean bulls have the solid overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $15.25 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.60. First resistance is seen at $15.00 and then at today’s high of $15.12. First support is seen at today’s low of $14.81 1/2 and then at $14.75. Wyckoff’s Market Rating: 8.0
May soybean meal closed up $4.00 at $482.10 Wednesday. Prices closed nearer the session low today after hitting a fresh contract high earlier. The soybean meal bulls have the solid overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $500.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $465.20. First resistance comes in at $486.00 and then at today’s contract high of $490.90. First support is seen at today’s low of $477.60 and then at this week’s low of $473.50. Wyckoff’s Market Rating: 8.0
May bean oil closed up 80 points at 42.91 cents Wednesday. Prices closed near the session high and hit a fresh four-week high today. The bean oil bulls have the near-term technical advantage and gained more upside momentum today. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 44.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at this week’s low of 41.11 cents. First resistance is seen at 43.00 cents and then at 43.25 cents. First support is seen at 42.50 cents and then at 42.35 cents. Wyckoff’s Market Rating: 6.0
May Chicago SRW wheat closed down 12 cents at $6.69 Wednesday. Prices closed nearer the session low today and scored a bearish “outside day” down on the daily bar chart. More profit taking was featured today and there was also a bearish USDA supply and demand report issued. The wheat bulls have lost their slight overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at today’s high of $6.88 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at $6.50. First resistance is seen at $6.75 and then at $6.88. First support lies at today’s low of $6.63 and then at last week’s low of $6.58 3/4. Wyckoff’s Market Rating: 5.0
May HRW wheat closed down 8 1/4 cents at $7.33 1/4 Wednesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart on profit taking. The wheat bulls and bears are now back on a level near-term technical playing field. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $7.68 1/2. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at $7.40 and then at $7.50. First support is seen at today’s low of $7.30 and then at last week’s low of $7.24 1/4. Wyckoff’s Market Rating: 5.0
May oats closed down 11 cents at $4.24 Wednesday. Prices closed near the session low today on profit taking. Bulls still have the slight near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $4.10. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.50. First support lies at $4.20 and then at $4.15. First resistance is seen at $4.30 and then at $4.35. Wyckoff’s Market Rating: 5.5
