GRAINS: July corn futures closed down 24 1/2 cents at $6.36 3/4 Monday. Prices closed nearer the session low and were pressured sharply by drier and warmer weather forecasts for the U.S. Corn Belt this week, which will allow good planting progress. However, corn planting in the region is still well behind normal. The corn market bears on Monday did regain the near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $6.57 3/4. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $6.10. First resistance for July corn is seen at $6.40 and then at $6.45. First support is seen at today’s low of $6.33 1/4 and then at $6.30. Wyckoff’s Market Rating: 4.0
July soybeans closed down 18 cents at $13.69 1/4 a bushel Monday. Prices closed nearer the session low and were pressured by sharply lower corn prices. The soybean market bears 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 $14.00 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $13.50. First resistance is seen at $13.80 and then at $13.85. First support is seen at Monday’s low of $13.66 1/4 and then at $13.55. Wyckoff’s Market Rating: 4.0.
July soybean meal closed down $5.30 at $401.20 Monday. Prices closed nearer the session low. The meal bears have regained the slight near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $422.70. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $390.20. First resistance comes in at $405.00 and then at Monday’s high of $409.20. First support is seen at $400.00 and then at $397.50. Wyckoff’s Market Rating: 4.5
July bean oil closed down 51 points at 48.76 cents Monday. Prices closed nearer the session low. The bean oil bears 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 50.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at the contract low of 48.08 cents. First resistance is seen at 49.00 cents and then at 49.35 cents. First support is seen at Monday’s low of 48.44 cents and then at last week’s low of 48.30 cents. Wyckoff’s Market Rating: 1.0
July Chicago SRW wheat closed down 18 1/4 cents at $7.02 3/4 Monday. Prices closed nearer the session low. Some beneficial moisture in the U.S. Plains states over the weekend was deemed bearish for wheat prices. The big decline in corn prices Monday also spilled over into selling pressure in wheat. The wheat market bears have regained the near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at of $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 $6.87 3/4. First resistance is seen at $7.10 and then at Monday’s high of $7.15. First support lies at $7.00 and then at $6.95. Wyckoff’s Market Rating: 4.0.
July HRW wheat closed down 21 1/4 cents at $7.56 3/4 Monday. Prices closed near the session low. The wheat market bulls have faded and bears now have the near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $8.00. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at $7.31 1/2. First resistance is seen at Monday’s high of $7.73 1/4 and then at $7.83 1/2. First support is seen at $7.50 and then at $7.45. Wyckoff’s Market Rating: 4.0
July oats closed down 9 cents at $3.79 Monday. Prices closed nearer the session low. Oats bulls have the slight overall near-term technical advantage but are fading and need to show fresh power soon. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.70. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.92. First support lies at Monday’s low of $3.76 1/4 and then at $3.75. First resistance is seen at $3.80 and then at $3.83. Wyckoff’s Market Rating: 5.5
