December corn futures were down 5 3/4 cents at 7.33 3/4 in late trading yesterday. Prices were near the session low. A firmer U.S. dollar index limited buying interest in the corn market again yesterday. Prices are still in a choppy and sideways trading range but now closer to the bottom of that range. The bulls still have the slight near-term technical advantage but need to show fresh power soon to keep it. Corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the October high of $7.76. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the September low of $7.05. First resistance for December corn is seen at $7.40 and then at yesterday’s high of $7.45. First support is seen at $7.32 1/2 and then at $7.30. Wyckoff’s Market Rating: 5.5
January soybeans were down 22 3/4 cents at $15.04 a bushel in late trading yesterday. Prices were near the session low and hit a fresh three-week low yesterday. The firmer U.S. dollar index helped to pressure the bean market yesterday. Soybean bears have regained the slight near-term technical advantage. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing November prices above solid technical resistance at $15.77 a bushel. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $14.84. First resistance is seen at yesterday’s high of $15.24 1/4 and then at $15.35. First support is seen at $15.00 and then at $14.84. Wyckoff’s Market Rating: 4.5.
December soybean meal was down $6.70 at $469.10 in late trading yesterday. Prices were near the session low and hit a fresh two-week low yesterday as the bulls are fading. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of $490.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $450.20. First resistance comes in at $472.50 and then at $475.00. First support is seen at $465.00 and then at $462.50. Wyckoff’s Market Rating: 5.0
December bean oil was down 91 points at 48.35 cents in late trading yesterday. Prices were near the session low and hit a fresh contract low yesterday. Bean oil bears have the solid overall near-term technical advantage and gained more downside power yesterday. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 51.00 cents. Bean oil bears’ next downside technical price breakout objective is pushing and closing prices below solid technical support at 47.00 cents. First resistance is seen at 48.50 cents and then at 49.00 cents. First support is seen at yesterday’s low of 48.25 cents and then at 48.00 cents. Wyckoff’s Market Rating: 1.9
December Chicago SRW wheat was up 2 1/4 cents at $8.66 3/4 in late trading yesterday. Prices were nearer the session low. The firmer U.S. dollar index limited gains in the wheat market again yesterday. Wheat bulls still have the slight overall 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 $8.40 1/4. First resistance is seen at yesterday’s high of $8.75 3/4 and then at $8.85. First support lies at $8.58 3/4 and then at $8.50. Wyckoff’s Market Rating: 5.5.
December K.C. HRW wheat was up 1 3/4 cents at $9.10 1/2 in late trading yesterday. Prices were nearer the session low. The HRW bulls still have the overall near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the October high of $9.29 3/4. The bears’ next downside breakout objective is pushing and closing prices below solid technical support at the September low of $8.72 1/2. First resistance is seen at yesterday’s high of $9.19 and then at $9.25. First support is seen at $9.00 and then at last week’s low of $8.95. Wyckoff’s Market Rating: 6.0
December oats were down 9 cents at $3.58 yesterday in late trading. Prices were near the session low and hit a fresh four-month low yesterday. Oats bears have quickly gained the overall near-term technical advantage as a steep two-week-old downtrend is now in place on the daily bar chart. Bears’ next downside price breakout objective is pushing and closing prices below solid technical support at $3.50. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at $3.75. First support lies at yesterday’s low of $3.57 1/2 and then at $3.55. First resistance is seen at $3.60 and then at $3.65. Wyckoff’s Market Rating: 4.0
