GRAINS: December corn futures closed up 3 3/4 cents at $4.37 Monday. Prices closed near the session high on short covering in a bear market after prices hit a three-year low early on Monday. Harvest progress is taking place in the U.S. Corn Belt, which is seasonally bearish for corn. The lack of information coming from USDA is an uncertainty in the grain markets, that’s also bearish. 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 technical support at $4.25. First resistance for December corn is seen at $4.40 and then at $4.45. First support is seen at Monday’s low of $4.32 and then at $4.30. Wyckoff’s Market Rating: 1.0
November soybeans closed up 6 1/4 cents at $12.73 a bushel Monday. Prices closed near mid-range and did hit a fresh two-month low early on. Some short covering and bargain hunting were featured on rumors that China is buying U.S. soybeans. Good harvest progress in the U.S. Corn Belt is limiting the upside in soybean prices. There are ideas around 30% to 40% of the U.S. crop is now harvested, but with no fresh USDA data due to the government’s closure those are just rough estimates. Soybean bears still have the overall near-term technical advantage. Prices are in a seven-week-old downtrend 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 last week’s high of $13.05 3/4 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $12.50. First support is seen at Monday’s low of $12.61 3/4 and then at $12.50. First resistance is seen at Monday’s high of $12.80 and then at $12.90. Wyckoff’s Market Rating: 4.0.
December soybean meal closed up $4.00 at $407.40 Monday. Prices closed nearer the session high on short covering. Prices are in a four-week-old downtrend on the daily bar chart. The meal bears have the slight near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at the October high of $423.30. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $397.80. First resistance comes in at Monday’s high of $410.00 and then at $412.50. First support is seen at $405.00 and then at Monday’s low of $402.00. Wyckoff’s Market Rating: 4.5
December bean oil closed up 11 points at 40.39 cents Monday. Prices closed near mid-range Monday on tepid short covering in a bear market. The bears still have the 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 42.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the October low of 39.20 cents. First resistance is seen at Monday’s high of 40.71 cents and then at 41.00 cents. First support is seen at Monday’s low of 40.10 cents and then at 40.00 cents. Wyckoff’s Market Rating: 2.5
December Chicago SRW wheat closed up 1/4 cent at $6.92 1/2 Monday. Prices closed nearer the session high. The wheat market bulls still have the slight near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.00 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the October low of $6.72 1/2. First resistance is seen at Monday’s high of $6.96 1/2 and then at $7.00. First support lies at Monday’s low of $6.86 1/4 and then at last week’s low of $6.82 1/4. Wyckoff’s Market Rating: 5.5.
December HRW wheat closed up 1 1/4 cents at $7.61 1/2 Monday. Prices closed nearer the session high and closed at a fresh four-month high close. The HRW wheat market bulls have the overall near-term technical advantage. A bullish pennant or flag pattern has formed on the daily bar chart. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $7.75. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.25. First resistance is seen at the October high of $7.64 3/4 and then at $7.70. First support is seen at Monday’s low of $7.54 1/2 and then at $7.50. Wyckoff’s Market Rating: 6.0
December oats closed 1/4 cent at $3.17 Monday. Prices closed nearer the session low. Bears still have the overall near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.10. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.25 3/4. First support lies at Monday’s low of $3.16 and then at last week’s low of $3.14. First resistance is seen at $3.20 and then at last week’s high of $3.22. Wyckoff’s Market Rating: 2.5
