GRAINS
December corn futures closed up 3/4 cent at $4.40 Thursday. Prices closed near mid-range and are still hovering near this week’s three-year low. A lack of information coming from USDA is an uncertainty in the grain markets, and uncertainty favors the bears. If wheat futures prices continue to rally, that could soon put in the “harvest low” in the corn futures market. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at this week’s high of $4.62. 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 Tuesday’s high of $4.44 3/4 and then at $4.50. First support is seen at this week’s low of $4.35 and then at $4.30. Wyckoff’s Market Rating: 1.0
November soybeans closed up 12 cents at $12.85 3/4 a bushelThursday. Prices closed nearer the session high on more short covering. Soybean bears still have the overall near-term technical advantage. Prices are in a five-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 $13.00 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 Thursday’s low of $12.71 and then at this week’s low of $12.63 1/2. First resistance is seen at Thursday’s high of $12.89 3/4 and then at $13.00. Wyckoff’s Market Rating: 4.0
December soybean meal closed up $2.80 at $414.50 Thursday. Prices closed near mid-range and saw more short covering. The meal bulls and bears are now back on a level near-term technical playing filed. The next upside price objective for the bulls is to produce a close above solid technical resistance at $430.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $397.80. First resistance comes in at $420.00 and then at $425.00. First support is seen at Thursday’s low of $410.80 and then at $408.10. Wyckoff’s Market Rating: 5.0
December bean oil closed up 89 points at 40.27 cents Thursday. Prices closed nearer the session high and saw short covering in a bear market. Prices Wednesday hit a contract low. The 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 42.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 39.00 cents. First resistance is seen at Thursday’s high of 40.36 cents and then at 40.50 cents. First support is seen at 40.00 cents and then at Thursday’s low of 39.37 cents. Wyckoff’s Market Rating: 1.5
December Chicago SRW wheat closed up 3 1/4 cents at $6.89 1/4 Thursday. Prices closed nearer the session low after hitting a three-month high early on. Good worldwide demand for U.S. wheat continues to underpin this market. The wheat market could pull corn out of its doldrums soon, too. A bullish rounding-bottom reversal pattern has formed on the daily bar chart. The wheat market bulls 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 this week’s low of $6.72 1/2. First resistance is seen at Thursday’s high of $6.98 and then at $7.00. First support lies at Thursday’s low of $6.85 and then at Wednesday’s low of $6.78. Wyckoff’s Market Rating: 5.5
December HRW wheat closed up 1 cent at $7.55 1/2 Thursday. Prices closed nearer the session low and hit another fresh 3.5-month high early on. The HRW wheat market bulls have the overall near-term technical advantage. 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 Thursday’s high of $7.64 3/4 and then at $7.70. First support is seen at $7.50 and then at Wednesday’s low of $7.42 3/4. Wyckoff’s Market Rating: 6.0
December oats closed up 3 1/4 cents at $3.17 Thursday. Prices closed near mid-range and saw short covering in a bear market. 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 the contract low of $3.03. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.25 3/4. First support lies at Thursday’s low of $3.13 1/4 and then at this week’s low of $3.10 1/4. First resistance is seen at Thursday’s high of $3.19 and then at $3.20. Wyckoff’s Market Rating: 2.5
