GRAINS: December corn futures closed up 4 1/2 cents at $5.37 1/2 Monday. Prices closed nearer the session high and scored a bullish “outside day” up on the daily bar chart after hitting a fresh three-week low early on. It’s very likely going to take a fresh weather market scare in the U.S. Corn Belt in the coming few weeks to jump-start a significant rally in the corn market. It is the early July timeframe that can see major trend changes in the grains, or see existing trends accelerate. Corn bears have the overall near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $5.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $5.25. First resistance for December corn is seen at $5.40 and then at $5.45. First support is seen at $5.30 and then at $5.25. Wyckoff’s Market Rating: 3.5
November soybeans closed down 13 1/4 cents at $12.84 3/4 a bushel Monday. Prices closed near mid-range and hit a fresh three-week low and the bulls are fading. Good late-planting and growing weather in the U.S. Corn Belt, and more in the forecast, is bearish for soybeans at present. The soybean market bulls still have the slight overall near-term technical advantage, but need to show fresh power soon. A six-week-old uptrend on the daily bar chart has been negated. 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 $13.33 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $12.50. First resistance is seen at Monday’s high of $12.93 and then at $13.00. First support is seen at Monday’s low of $12.77 1/2 and then at $12.70. Wyckoff’s Market Rating: 5.5.
December soybean meal closed down $6.70 at $376.80 Monday. Prices closed nearer the session low and saw more profit taking and weak long liquidation. The meal bulls still have the slight near-term technical advantage, but need to show fresh power very soon to keep it. A six-week-old uptrend on the daily bar chart has been negated. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the June high of $399.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $370.00. First resistance comes in at $380.00 and then at Monday’s high of $381.40. First support is seen at Monday’s low of $375.20 and then at $372.80. Wyckoff’s Market Rating: 5.5
December bean oil closed up 29 points at 47.91 cents Monday. Prices closed near the session high and saw 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 48.50 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 46.00 cents. First resistance is seen at 48.00 cents and then at 48.25 cents. First support is seen at 47.50 cents and then at Monday’s low of 47.13 cents. Wyckoff’s Market Rating: 1.5
December Chicago SRW wheat closed up 2 1/2 cents at $7.04 Monday. Prices closed nearer the session high and scored a mildly bullish “outside day” up on the daily bar chart. Tepid short covering in a bear market was featured after hit a fresh 11-week low early on. The wheat market bears still have the solid overall near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $7.25 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at the April low of $6.88 1/2. First resistance is seen at Monday’s high of $7.08 3/4 and then at $7.15. First support lies at $7.00 and then at Monday’s low of $6.95. Wyckoff’s Market Rating: 2.0.
December HRW wheat closed up 1 3/4 cents at $7.35 Monday. Prices closed near mid-range and saw tepid short covering in a bear market after hitting another fresh 12-month low early on yesterday. The HRW wheat market bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of $7.59 1/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.00. First resistance is seen at Monday’s high of $7.40 1/2 and then at $7.50. First support is seen at Monday’s low of $7.28 1/2 and then at $7.25. Wyckoff’s Market Rating: 1.5
December oats closed down 3/4 cent at $3.85 3/4 Monday. Prices closed nearer the session high. Oats bulls have the solid near-term technical advantage. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.74. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October 2012 high of $3.92 3/4. First support lies at $3.82 and then at $3.80. First resistance is seen at last week’s high of $3.88 and then at $3.90. Wyckoff’s Market Rating: 7.5
