March corn futures were up 3 1/4 cents at 7.29 1/2 in late trading yesterday. Prices were nearer the session high on short covering and some bargain hunting. The key “outside markets” were in a bullish posture for corn yesterday as the U.S. dollar index was weaker and crude oil prices were firmer. The corn bears still have the slight overall near-term technical advantage. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $7.50. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $7.08 3/4. First resistance for March corn is seen at yesterday’s high of $7.31 1/2 and then at $7.38. First support is seen at yesterday’s low of $7.22 1/4 and then at this week’s low of $7.14 1/4. Wyckoff’s Market Rating: 4.5
January soybeans were up 11 3/4 cents at $14.19 3/4 a bushel in late trading yesterday. Prices were near mid-range and saw short covering in a bear market after prices hit a 4.5-month low on Tuesday. The key “outside markets” were in a bullish posture for soybeans yesterday as the U.S. dollar index was weaker and crude oil prices were firmer. There was some fresh demand for U.S. soybeans from China yesterday, and cash soybean basis levels firmed yesterday. Soybean bears still have the solid overall near-term technical advantage. A 2.5-month-old downtrend is in place on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing January prices above solid technical resistance at $14.50 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 yesterday’s high of $14.28 1/2 and then at $14.40. First support is seen at yesterday’s low of $14.07 1/4 and then at $14.00. Wyckoff’s Market Rating: 3.0.
March soybean meal was up $2.90 at $420.90 in late trading yesterday. Prices were near mid-range and saw short covering after hitting a 3.5-month low on Tuesday. Meal bears still have the solid overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $440.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $400.00. First resistance comes in at yesterday’s high of $423.90 and then at $425.00. First support is seen at yesterday’s low of $417.30 and then at $415.00. Wyckoff’s Market Rating: 3.0
March bean oil was up 68 points at 48.51 cents in late trading yesterday. Prices were nearer the session high and saw short covering in a bear market. The key “outside markets” were in a bullish posture for bean oil yesterday as the U.S. dollar index was weaker and crude oil prices were higher. 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 50.00 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 yesterday’s high of 48.96 cents and then at 49.50 cents. First support is seen at 48.00 cents and then at yesterday’s low of 47.84 cents. Wyckoff’s Market Rating: 2.0
March Chicago SRW wheat was down 2 1/4 cents at $8.63 1/2 in late trading yesterday. Prices were nearer the session low yesterday. Wheat bulls have faded quickly and have lost their near-term technical advantage. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at $9.00 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 $8.53. First resistance is seen at yesterday’s high of $8.72 3/4 and then at $8.80. First support lies at this week’s low of $8.60 1/2 and then at $8.53. Wyckoff’s Market Rating: 5.0.
March K.C. HRW wheat was up 2 3/4 cents at $9.07 1/2 in late trading yesterday. Prices were near mid-range. Recent price action has produced a virtual “key reversal” down on the daily bar chart, which is an early warning signal that a market top is in place. The HRW bulls have lost their overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $9.45. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the September low of $8.85. First resistance is seen at $9.13 1/4 and then at $9.25. First support is seen at this week’s low of $8.98 and then at $8.85. Wyckoff’s Market Rating: 5.0
March oats were up 4 cents at $3.76 1/2 yesterday in late trading. Prices were nearer the session high and saw some more short covering. Prices Monday hit a 4.5-month low. Oats bulls and bears are now back on a level near-term technical playing field. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.60. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.85. First support lies at yesterday’s low of $3.70 3/4 and then at $3.66. First resistance is seen at yesterday’s high of $3.77 3/4 and then at $3.80. Wyckoff’s Market Rating: 5.0
