GRAINS: March corn futures closed up 1 1/2 cents at $4.43 1/4 Wednesday. Prices closed nearer the session high today and hit another fresh 2.5-month high. More short covering and bargain hunting were featured today. Prices are in a four-week-old uptrend on the daily bar chart to suggest that a major market low is in place. Corn bears 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 $4.50. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.30. First resistance for March corn is seen at today’s high of $4.44 and then at $4.50. First support is seen at today’s low of $4.39 and then at $4.37. Wyckoff’s Market Rating: 3.5
March soybeans closed up 2 1/2 cents at $13.15 3/4 a bushel Wednesday. Prices closed nearer the session high and hit another two-week high. Soybean bulls have the near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at the December high of $13.39 1/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at the January low of $12.60. First resistance is seen at today’s high of $13.21 1/4 and then at $13.25. First support is seen at today’s low of $13.05 and then at $13.00. Wyckoff’s Market Rating: 6.0
March soybean meal closed down $4.60 at $442.40 Wednesday. Prices closed near mid-range on profit taking after hitting another contract high early on. Bulls still have the solid near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $450.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $420.00. First resistance comes in at $445.00 and then at today’s contract high of $448.80. First support is seen at today’s low of $438.40 and then at $435.00. Wyckoff’s Market Rating: 7.5
March bean oil closed up 52 points at 38.23 cents Wednesday. Prices closed nearer the session high on more short covering in a bear market. The bean oil bears still have the solid overall near-term technical advantage. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 39.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 36.80 cents. First resistance is seen at today’s high of 38.40 cents and then at 38.80 cents. First support is seen at 38.00 cents and then at 37.75 cents. Wyckoff’s Market Rating: 2.0
March Chicago SRW wheat closed up 3 cents at $5.87 1/2 Wednesday. Prices closed near the session high and hit another fresh three-week high today on more short covering and bargain hunting. Concerns about winter kill of the U.S. wheat crop, due to cold U.S. weather in wheat regions have helped to boost the wheat market this week. If there is more follow-through buying in the wheat futures market this week, then that would be a technical clue that a major market low is in place. But right now the wheat bears still have the near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $6.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the contract low of $5.50 1/4. First resistance is seen at today’s high of $5.88 3/4 and then at $5.95. First support lies at today’s low of $5.79 and then at $5.70. Wyckoff’s Market Rating: 2.5
March HRW wheat closed up 4 3/4 cents at $6.51 1/4 Wednesday. Prices closed nearer the session high and hit a six-week high today. More short covering and bargain hunting were featured amid concerns about winter kill of the U.S. wheat crop, due to cold U.S. weather in wheat regions. If there is more follow-through buying in the wheat futures market this week, then that would be a technical clue that a major market low is in place. But right now the wheat bears still have the near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $6.75. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $6.25. First resistance is seen at today’s high of $6.53 1/4 and then at $6.60. First support is seen at today’s low of $6.42 and then at $6.35. Wyckoff’s Market Rating: 3.0
March oats closed up 18 3/4 cents at $4.43 1/4 Wednesday. Prices closed near the low high and hit another fresh contract high today. A cash market crunch and transportation problems have boosted the oats market sharply higher recently. Bulls have the solid overall near-term technical advantage. Prices are in a steep four-month-old uptrend on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at this week’s low of $4.04 1/2. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.50. First support lies at $4.40 and then at $4.35. First resistance is seen at today’s contract high of $4.43 1/2 and then at $4.45. Wyckoff’s Market Rating: 9.5
